Receivers seize Gold Coast tower site linked to Princess Beatrice’s husband
Princess Beatrice's developer husband promised a ‘seven-star’ Gold Coast tower but receivers have now moved in after the development dream turned nightmare.
Receivers have moved in on a Main Beach development site with links to the British royal family.
The Main Beach Parade site was to be the home of a 37-storey tower called Masthead, which was to be built by the site’s owner, businessman Rory O’Brien and British-based developer Banda, headed by Princess Beatrice’s husband Edo Mapelli Mozzi.
Earmarked for the site which also fronts Stafford and Cunningham avenues, it was pitched as the next lap of luxury, offering “sophisticated wine and champagne lounge, whiskey and cigar room, private dining space, coffee bar, sky high library and business meeting areas”.
Now, the mortgagee in possession has seized the site and has moved to sell it, with Roland Evans and Angus Cottrell of Canford Estate Agents and Jackson Rameau and Michael Willems of RWC Pacific Group tapped to run a rapid expression of interest campaign.
Mr Evans said there was significant interest in the beachside suburb from buyers and investors.
“Main Beach has cemented itself as one of the Gold Coast’s most sought-after enclaves,” he said.
“The appetite for full-floor luxury residences remains extremely strong, and Masthead’s approval aligns perfectly with current buyer preferences for privacy, scale and amenity.”
Mr O’Brien bought the site in 2019 and the initial version of the “seven-star” tower was approved in 2020.
Construction was expected to begin in early 2023, with the first residents expected to move in by late 2024.
However the project stalled in 2023 despite Banda being brought on board to build the tower, which was to be its first Australian project
At the time, Mr Mozzi dubbed Main Beach the ‘Golden Triangle’ “for its proximity to premier lifestyle destinations. The Southport Yacht Club and Superyacht Marina, Main Beach Surf Club and Spit parklands”.
“This northern end of Main Beach is an incredible proposition. It has the beach and Broadwater on the doorstep but is also adjacent to 140 hectares of Spit parkland, which for me is reminiscent of the open space of Hyde Park in London and this really resonated,” he told the Bulletin in 2022.
“We had been looking for the right opportunity to bring us to Australia and Masthead is absolutely the project we’ve been waiting for.
“We are absolutely thrilled to be designing and creating in Australia.”
The tower was approved with 28 full-floor units, including a penthouse, two sub-penthouses and five ‘sky homes’.
The starting price for units was expected to be $5m.
Its approval remains current.
Mr Rameau said a prospective buyer would have great latitude to build.
“Main Beach is experiencing a resurgence in prestige development, yet sites with approvals of this calibre are almost non-existent,” he said.
“Masthead is ready to go and its scale, design approval and irreplaceable beachfront position put it in a league of its own.”
Expressions of interest close on December 18.
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Originally published as Receivers seize Gold Coast tower site linked to Princess Beatrice’s husband
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