Rich lister Ian Malouf’s new Broadbeach development to be put to Gold Coast rental market

A luxurious new development is under construction in Broadbeach - but don’t expect to buy an apartment. This one’s for renters only. DETAILS:

A luxurious new development is under construction in Broadbeach - but don’t expect to buy an apartment - this one’s for renters only.

Rich lister Ian Malouf, also known as “Australia’s richest garbo”, bought the ageing Ultima and Mahanga buildings on Surf Pde with wife Larissa, in 2020.

The old buildings have been razed at 122-124 Surf Pde, where construction has begun on a high-end 49-apartment tower without pre-sales.

The Bulletin understands the entire project, tentatively named “Remi”, will be placed on the luxury rental market once complete.

A development at 122-124 Surf Pde, Broadbeach.

The proposed 31 floor tower.

Mr Malouf sold his Dial-a-Dump business for $577m in 2019 and picked up a 1227 sqm site at nearby Surf Pde in 2020.

The rich lister has also picked up a high-profile stalled 500-unit development site near Pacific Fair.

A company linked to Sydney businessman Ian Malouf is understood to have picked up the site of the massive two-tower Elegance project at 3605 Gold Coast Hwy for around $22m.

The deal is unconditional and due to settle by December.

The site had last sold to Chinese state-owned company Hubei United Investment Group for $34.1 million in 2016.

Selling agent Julian Sutherland said the 3873 sqm block sold three months after he listed it, with the deal going unconditional earlier this month.

“With the economic conditions and the Covid situation, the owners first decided to place it on the market last year,” he said.

“The expressions of interest campaign last year was unsuccessful, but I was given the listing three months ago and was successful in finding an Australian buyer.”

Mr Malouf, whose wealth was estimated at $784m earlier this year, is said to be planning luxury residential apartments, restaurant, fashion precinct and lifestyle hotel on the site, which has development approval for towers of 47 and 49 storeys.

It’s understood the millionaire is likely to increase the unit size and reduce the density allowed for in the existing approval, which had 522 apartments, some as small as 50 sqm.

There had been 120 sales in Elegance when the marketing ceased in 2019.

Ian Malouf relaxes in his $60m Sydney apartment. Picture: Ryan Osland

Artist impression of the mammoth two-tower, 522-unit development `Elegance' which was planned for the Gold Coast Hwy site.

Mr Malouf’s latest Broadbeach spend comes after he splashed $53m refitting his newest superyacht, Coral Ocean, which he launched with friends at the Monaco Grand Prix and which charters for around $1m a week.

Malouf’s boat, reputed to be the world’s 60th biggest pleasure craft, includes a sky lounge, a spa pool with a glass floor, a private treatment room with infra-red sauna and hair salon facilities on a master bedroom deck, four guest bedrooms, two full bars, pizza oven, teppanyaki grill and a VIP suite that can be used as a movie cinema.

Originally published as Rich lister Ian Malouf’s new Broadbeach development to be put to Gold Coast rental market