Gold Coast development: $200m Surfers Paradise tower unveiled for Garfield Terrace site
Unit buyers are so desperate to secure a unit in a new $200m luxury Gold Coast tower they’re forking out $50,000 each just to get a spot on the list as its developer reports a record-shattering number of sales. FULL DETAILS >>>
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A SURFERS Paradise tower has notched up a record-shattering $110 million in unit sales in just three weeks.
More than half of the 43 units inside Coast, a 35-storey “uber-luxury” beachfront high-rise have already sold in the three weeks since the project was unveiled.
The council is yet to even approve the project
Award-winning Sydney-based developer Sammut Group says it has been inundated with buyers who have paid between $3.5m and $9 million for units, as well as putting down $50,000 holding deposits just to secure their place in the “opulent” building.
The average sales price for the units was $4.5 million.
Sammut Group director Allen Sammut said he had never seen similar sales figures in more than 35 years in the development industry.
“The take-up has just been incredible,” he said.
“We were confident that our luxury residential offering would be well received, although we never anticipated the sheer volume of market uptake we have witnessed in the past few weeks.
“We have only just lodged our development application for Coast late last month but there has been amazing interest from interstate, local, and even a New Zealand purchaser.”
Planned for an absolute beachfront site on Garfield Terrace, it will be the first luxury tower built in central Surfers Paradise since Jade was completed nearly 15 years ago.
Among the most notable sales has been a Sydney buyer snapping up a full-floor 610 sqm apartment.
Mr Sammut said buyers had been willing to pay significant deposits to ensure they secured a unit, amid record unit sales figures across the city and a growing shortage of available units.
“We have begun converting these to contracts which will require 10 per cent deposits over the next week,” he said.
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“The contracts will obviously be subject to (council) approval however the project is code assessable and therefore well within the requirements of the town plan.”
The tower’s 43 luxury units include 36 half-floor villas, two double-storey “sky homes”, 10 full-floor sub-penthouses and a giant penthouse.
The tower is expected to be considered by the planning committee before Christmas.
If approved, the existing Garfield on the Beach tower will be demolished.
It is the latest in a flood of luxury high-end unit towers aimed at the downsizer and owner-occupier market.
A newly released Australian Residential Development Review 2021 report by Knight Frank Research this week revealed unit sales in Gold Coast developments have surged an astonishing 238 per cent in just one year on the back of the planned light rail extension.
According to the report, unit sales accounted for 75 per cent of all residential development sales in 2020, significantly higher than the 29 per cent in 2019.
Despite these sales, it noted the rental vacancies had fallen from 1.8 per cent in 2019 to 0.9 per cent in 2020, pushing rents up by 1.2 per cent.
A new Urbis consulting firm report released last month revealed that only three months worth of available units are left in the city – if no new projects are finished.
FIRST LOOK AT $200M ‘UBER LUXURY’ TOWER FOR COAST
AN award-wining Sydney-based development company want to build a $200m, six-star high-rise next door to a popular surf lifesaving club.
Sammut Group and Alceon Group have unveiled plans for Coast, a 35-storey “uber-luxury” tower in Surfers Paradise next to the Northcliffe Surf Life Saving Club. It will boast an “opulent” penthouse spanning three levels and more than 1000sq m.
Planned for an absolute beachfront site on Garfield Terrace, it will be the first luxury tower built in central Surfers Paradise since Jade was completed nearly 15 years ago.
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Developer Allen Sammut said the project would be his company’s first on the Gold Coast after building in Sydney for 30 years.
“We are planning to create one of the most iconic, high-end luxury apartments the Gold Coast has ever seen,” he said.
“We are very keen to establish a presence on the Gold Coast, particularly given the strength of the luxury downsizer market and, accordingly, we have worked up plans that we believe will deliver a benchmark for this market anywhere, not only on the Gold Coast, but anywhere in Australia.”
The tower will have 49 luxury units, including 36 half-floor villas, two double-storey “sky homes”, 10 full-floor sub-penthouses and a giant penthouse.
Sammut will submit its development application to the Gold Coast City Council next week. It is expected to be considered by the planning committee before Christmas.
If approved, the existing Garfield on the Beach tower will be demolished.
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Alceon Group is one of Australia’s largest non-bank providers of development finance and has an extensive Gold Coast portfolio while Samut has created multiple award-winning projects across the country.
It is the latest in a flood of luxury high-end unit towers aimed at the downsizer and owner-occupier market.
More than $750m worth of units in these projects have been sold in the past six months alone
Alceon executive director Todd Pepper said the strong sales were an ongoing trend.
“We are well aware of the strength of the luxury downsizer market on the Gold Coast,” he said. “Coast will well and truly fit the mould of meeting that demand with the quality of product this sector of the market is seeking.”
Originally published as Gold Coast development: $200m Surfers Paradise tower unveiled for Garfield Terrace site
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