Soheil Abedian: Leading Gold Coast developer buys Broadbeach site from Raptis as tower works begin

Veteran Gold Coast developer Soheil Abedian is bucking a construction slowdown trend to ramp two major projects in a pair of beachside suburbs. FIND OUT WHERE

Tough market? What tough market?

That’s the sentiment from veteran Gold Coast developer Soheil Abedian who is bucking a construction slowdown trend to ramp up major project.

The man behind icon Gold Coast projects - including tallest building Q1 - has unveiled a new $750m property portfolio, with plans to build two towers in the booming beachfront suburbs of Broadbeach and Mermaid Beach within the next 18 months.

Despite material shortages, spiking labour and construction costs and high interest rates, the Sunland founder says the time is right to build as the Gold Coast’s population continues to swell.

Soheil Abedian Picture: Richard Gosling

“We now have a $750m portfolio and we are starting to look at more properties which we can perhaps add to it,” he said.

“We will expand but not for the sake of expanding, it is about what the needs of the people are.

“Back when I started here we had less than 100,000 people on the Gold Coast and now we have a base population of 700,000 and more are coming, so they will need accommodation.

“The lack of land and the need for housing will create a new era of high-rise development and this is just catering towards the people who want to be in this beautiful part of Australia.’

The buildings east of the Bela tower on Peerless Ave which will be demolished and cleared to make way for the new Peerless tower at Mermaid Beach. Picture Glenn Hampson

Demolition works will begin this week to make way for new company Abedian and Co’s $255m, 36-storey resident tower. It will rise over the city’s most expensive mansions on Hedges Ave.

The project, which he has partnered on with his son, architect Tom Jamieson, will have 109 units.

Artist impression of Peerless, a $255m, 36-storey tower proposed for Mermaid Beach by Sunland founder Soheil Abedian, his first project outside of his company. Picture: Supplied.

Now, Mr Abedian has bought a site on Broadbeach Ann Street from fellow tower developer Jim Raptis for $12.1m

Mr Raptis, who had approval to build a 35-storey tower on the site had previously spend $12.5m for the land.

Mr Abedian said he was designing a new tower for the site which would differ from Mr Raptis’ proposal.

“We are currently in the process of designing a complex which is must less than what was originally put through the council for approval, having 38 storeys and 120 units, compared to the 240 which could be built,” he said.

Jim Raptis. Picture Glenn Hampson

Artist impression of Raptis’ approved tower on Anne Ave, Broadbeach.

“We believe that people from around the world, but especially Australia are attracted to Broadbeach and we see an opportunity because sites like this and others are now becoming rare.

“We are establishing our own construction arm and will move to begin construction now of Peerless and, within 12 to 18 months, at Anne Ave as well.”

Sunland Group, which Mr Abedian founded in 1983, held its annual general meeting last week, with shareholders approving the delisting of the company as it winds down.

Capital payments will be made from November 1.

Mr Abedian was behind the Gold Coast’s tallest residential tower the Q1 in Surfers Paradise, the distinctive Palazzo Versace hotel - the world’s first fashion-branded hotel - and $1.3 billion Lanes project at Mermaid Waters.

Anne Ave Broadbeach