There are plans to build a luxurious Coolangatta apartment tower, with seven apartments already snapped up
he high-rise plans by Brisbane architect Joe Adsett for a prime Rainbow Bay development site on the Gold Coast have been released.
There are plans to build a luxurious Coolangatta apartment tower, with seven apartments already snapped up since its conditional $13.05 million sale late last year.
The site sold by the departing Queensland developer Sunland Group is at 154-156 Marine Parade on the southern tip of the coast.
The property adjoins Sunland’s Greenmount Beach Hotel, Coolangatta, which is currently on the market for sale.
Under the contract, the purchaser, a company associated with Joe Adsett Architects, paid a refundable deposit of $500,000. The balance 10% deposit is due when the contract becomes unconditional and the full deposit will be released to Sunland at that time.
The contract is conditional on the parties agreeing certain access rights and easements for the property.
Sunland told shareholders it is expected these matters will be finalised in early 2021.
Once the contract becomes unconditional, settlement is due to be completed 30 September 2021.
The 1215sq m beachfront sale was a record for vacant land on the Gold Coast, according to the Gold Coast Bulletin.
Adsett plans 21 three and five-bedroom sky homes.
Its half-floor apartments start from $2.65 million while full-floor apartments will be priced from $6.5 million.
There’s no price reveal yet for the 1000sq m penthouse.
Mr Adsett said early interest in the project from locals had already resulted in the sale of seven apartments.
The development will be called Rockpool Rainbow Bay.
GV Property Group sold the site off-market for Sunland Group which paid $6.5 million in 2017 for what was a 1960s four unit strata complex, according to CoreLogic.
Article Source: www.urban.com.au
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