Greenmount Beach Resort: First look at Abedian plans to replace Coolangatta landmark with towers
The transformation of Greenmount hill into a tower wonderland will begin much sooner than expected. This is when work is likely to begin.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
The Greenmount Beach resort, overlooking one of the world’s most famous surf breaks will be demolished and replaced by three giant towers after nearly a decade of planning.
Arium Group, the private development company headed by Sunland managing director Sahba Abedian, has lodged plans for the first stage of the project – the Eden Ave Residences.
The first tower, sitting above the famous Snapper Rocks break, will be 16-storeys and will feature 54 units containing nearly 150 bedrooms.
Mr Abedian said the three-tower project, his company’s first, would be entirely aimed at the residential market.
“We are really excited with this being Arium’s entry into the residential space and naturally it is endeavouring to build and strengthen the urban landscape of the Gold Coast skyline and make a profound contribution to architecture, design and the advancement of buildings across the city,” he said.
“The southern end of the Gold Coast is going through a renaissance or sense of renewal and this is a reflection of the depth of confidence and also the underlying demand for high-end residential apartments in the region.”
The project is expected to be launched to the market in 2024.
No timeline has been decided on when the other towers will be submitted for approval.
Mr Abedian said he was keen to work with the council to develop the site.
The Greenmount Resort opened in 1980 and has been the target of multiple redevelopment bids since 2000.
Sunland unsuccessfully attempted to buy the site for $35m in January 2007 before it was snapped up by City Pacific.
Mr Abedian got his wish in March 2016 when the resort was bought for $26m by the publicly listed Sunland, which he remains at the helm of.
Sunland in 2017 lodged plans for a $370m, two-tower project of between 14 and 17 storeys with 247 apartments overlooking Coolangatta Beach.
However, the development group went back to the drawing board after proposed changes to the City Plan and did not end up lodging the revised plans.
The plans were opposed by many southern Gold Coast groups on grounds it was inappropriate in size and scale for the area.
Sunland, which is winding down, put the site on the market in late 2020 and announced in January 2021 it had sold the site to Arium Group, which both Mr Abedian and his father Soheil Abedian have an interest in.
The $42.3m sale, which settled in 2022, came after eight offers were made.
It neighbours the $100m, 13-storey Rockpool Rainbow Bay tower from developer Joe Adsett which is currently under construction.
Coolangatta was last year declared a newly woken “sleeping giant” with more than $1bn of projects rising from the ground.
The Bulletin last year revealed the once-sleepy border suburb, which takes in Kirra and Rainbow Bay, has become one of the biggest development hubs across the city, with 13 luxury projects under construction or selling, with many more on the way for the sites surrounding some of the world’s best surf breaks.
Big name developers, including Melbourne-based rich lister Max Beck have projects waiting in the wings while prolific Gold Coast builders Paul Gedoun and Spyre Group already have towers coming online.
Real estate and development figures believe the amount of development will intensify in the next five years as plans to bring the light rail to Coolangatta solidify.
More Coverage
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.