Sanctuary Cove: Five development sites in exclusive northern Gold Coast enclave put up for sale

The owners of an exclusive Gold Coast enclave will release a rare crop of development sites, with houses set to be allowed an unusual feature few local homes have.

The owners of Sanctuary Cove will release a rare crop of development sites inside the luxury northern Gold Coast enclave.

Mulpha will put five waterfront sites near the precinct’s marina onto the market, which will be able to have a rare feature for local houses – basements.

Prices will start from $1.1m.

It is the first time in several years that land has been made available at Sanctuary Cove and comes as the city faces a severe shortage of developable sites.

Mulpha sales general manager John Hughes said the size of the sites allowed buyers to consider many options.

Aerial photograph of a new land release at Sanctuary Cove on the Gold Coast. Picture: Supplied

“There are five lots, each 400 sqm in size and offer never-to-be-built-out views over Hope Harbour marina, as well as views to the east over the Coomera River,” he said.

“The location is spectacular – even for Sanctuary Cove where every lot here is in a magical location.

“There is also the potential for buyers to build three storey homes and a basement. That is a rare opportunity and a significant advantage, especially for families.”

The sites will be marketed by Ray White Sanctuary Cove.

Real estate agent Matt Gates, who has sold many high-end properties at the precinct, said interest had remained strong in the area.

“Despite continual reporting by the media that the market has softened, Sanctuary Cove has seen considerable growth over the past 18 months,” he said.

John Hughes (Sales Director) and Barry Teeling (Qld Development Director) of Mulpha at Sanctuary Cove. Picture: Supplied

“The lifestyle and security that Sanctuary Cove offers creates an appetite from very high-end buyers, creating a micro-environment for properties appropriate to this market.”

It comes as Sanctuary Cove continues to mark 35 years since it opened to the public.

Founded by developer Mike Gore, it was launched with international fanfare in early 1988 with a gala called “the Ultimate Event’, featuring performances by Frank Sinatra and Whitney Houston.

The sale of the Sanctuary Cove sites comes as Gold Coast property increasingly comes at a premium, with rapidly increasing population figures struggling against slowing development activity.

The 2023 Gold Coast Dwelling Supply Study, released in July, warned the state government’s updated dwelling supply estimates for the Gold Coast are “questionable”, with existing greenfield sites able to viably deliver 17,564 houses.

This is less than a third of the state’s target of 57,194.

The report, which analyses the state of the city’s development sector, warns the existing Southeast Queensland Regional Plan urban footprint should be dumped – a move which would allow developable land such as Norwell Valley in the northern Gold Coast to be unlocked for housing.

Premier Annastacia Palaszczuk has previously declared the private sector would have to do the heavy lifting to solve the city’s housing shortage.