Tim Gordon and Mathieson family buy Palm Beach’s Samuel Plaza shopping centre for tower

A well-loved southern Gold Coast shopping centre’s days are numbered, with the complex selling to a developer who will demolish it for a tower. FIND OUT MORE

The developers behind a $300m project at The Spit have dropped an eye-watering amount of money to secure a Palm Beach site they plan to turn into a luxury tower.

Gordon Corp and the Mathieson family lodged plans with the Gold Coast City Council in September to build a nine-storey tower in central Palm Beach.

Now they have beaten out eight bidders to secure the 2185 sqm Jefferson Lane site, which is home to the Samuel Plaza shopping centre, for $17.5m.

The site had been part of a deceased estate and had not changed hands in nearly 40 years.

The deal was brokered by JLL’s Sam Richards and Tim Jones and CBRE’s Mark Witheriff and Hayley Manvell.

Aerial photo of a site in central Palm Beach which has been bought by Tim Gordon and Gordon Corp for its new development. Picture: Supplied by JLL

Mr Richards said the Jefferson Lane had become the “southern Gold Coast’s own millionaire’s row”, with buyers battling to secure land.

“Groups recognised the rarity of the offering, as there are so few opportunities of this scale on the prized eastern side of the Gold Coast Highway,” he said.

“While the development sector has some current challenges with increased construction costs, tier one sites such as this which lie a stone’s throw from the water remain an attractive proposition given the revenues you can achieve once built.

“Everyone wants to live as close as they can to the beach – it’s as simple as that.”

The new tower, to be known as the Jefferson Residences, will have 47 units spread across its nine levels.

Artist impression of Jefferson Lane tower proposed by Tim Gordon's Gordon Corp and the Matheson family. Picture: Supplied

Mr Witheriff said luxury development was increasing what was rising in Palm Beach.

“When you look at what developers are unveiling across the region, the ever-growing pipeline of projects focused on Palm Beach speaks both to its desirability for residents and the wider appeal of the southern end of the coast,” he said.

“It’s an area where we expect demand to continue to tighten.”

Mr Gordon said in September he hoped to fast-track the project.

Pub baron Bruce Mathieson with developer Tim Gordon

“Luxury isn’t just in the location, it’s in the detail, and we have been able to channel the same elevated design approach from the Mantaray into our plans for Palm Beach,” he said.

“Once this has progressed through the planning process, our intention is to break ground as swiftly as possible.”

Mr Gordon and the Mathieson family are collaborating on the Mantaray Marina and Residences, which is under construction on the southern Spit. The three-storey project broke ground earlier this year and is expected to be completed in early 2026.