Gold Coast development: Triguboff buys Surfers Paradise tower site
Australia’s apartments king, Harry Triguboff, has bought one of his favourite playgrounds – a large Surfers Paradise site that will house 1000 units.
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AUSTRALIA’S apartments king, Harry Triguboff, has bought one of his favourite playgrounds – a large Surfers Paradise site that houses a mini-golf attraction.
The founder of the Meriton group on Friday secured the major part of Chinese-owned city block that for years also housed the Vomitron fun rides.
Mr Triguboff who has been visiting the site for years to play putt-putt, intends to build 1000 apartments on his 8083 sqm holding, which is directly behind his new beachfront tower Ocean.
The buy is his third in five years in Surfers Paradise and, when it is developed, he will have delivered more than 2000 apartments, including two Meriton Suites hotels.
The 89-year-old developer, earlier this year rated a $21.25 billion man and who has been active on the Gold Coast for 40 years, yesterday said he and wife Rhonda long had visited the mini-golf venue.
“The guy who ran it always was scared that the land would be sold and he would have to find another business.
“I always told him that he was safe for many years.
“Never did I think that I would buy the property.”
The price that Mr Triguboff’s Meriton group is paying for the site, which has four street frontages, has not been revealed but is believed to be close to $30 million.
The developer said the chance to ‘buy well’ in Australian hotspot the Gold Coast was irresistible.
“Queensland’s the leader of the band in the country in terms of migration and the Gold Coast is the band leader.
“Its property market has marched through setbacks such as Covid and the rental market is super strong.
“We’re well on the way to being able to capitalise over the next few years and, if other opportunities arise, keep our Gold Coast momentum for many years.”
Mr Triguboff said drawings already had been commissioned for towers with 200, 300 and 500 apartments in separate developments on the new site.
His buy comes as Meriton is on the verge of settling the final stage in Ocean on The Esplanade, the city’s tallest tower.
He has pressed the ‘fast’ button on Iconica, further north of the beachfront strip, which will have towers of 51 and 78 levels.
The ‘playground’ site, which has frontages to Surfers Paradise Boulevard and Ferny Ave, is being bought from the Chinese-owned Aquis, CCCC International Holding and Tandellen groups.
It is the major part of a whole 1.05ha city block for which they paid Japan’s Orix group $36.5 million in 2016.
The Chinese partners have been trying to exit for four years and earlier this year sold a corner of the site, which has four street frontages, to Brisbane-based Chinese developers.
Fast-tracked: Main Beach’s biggest towers since 1990s to rise
MAIN Beach’s largest development since the 1990s will be fast-tracked to the market this week.
Drew Group’s $390m, two-tower Lagoon project is expected to begin construction before Christmas and be completed by mid-2025 as the company moves to capitalise on the high demand for coastal properties.
The Cronin Ave project will feature two high-rises of 23 and 31 storeys, known as the sunrise and sunset towers.
Drew Group recently completed its Village development in Palm Beach.
“We are immensely proud of what we have delivered to Palm Beach,” Jonathan Drew said. “It’s a great asset for not only residents, but the broader community as we work to transform Palm Beach into a luxury dining and holidaying precinct.”
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