Palm Beach Runs Hot as 5Point Files Plans

Queensland-based 5Point Projects has revealed plans for a nine-storey apartment building with rooftop terraces and several pools for a beachfront site on the southern Gold Coast. 

The developer picked up the site in May, paying $15.6 million for the 824sq m double block at 171-173 Jefferson Lane, Palm Beach.

Plus Architecture designed the building with three levels of basement parking and 16 apartments with three to four bedrooms in each.

The communal open spaces designed by Zone Landscape Architects include four pools on the ground floor including a small cold plunge.

There are also two rooftop terraces for the penthouses, each with a pool, dining space and lounge area.

The previous owner had won approval in 2023 at 171 Jefferson Lane to convert the six-bedroom home into temporary accommodation, retaining the existing structure.

▲ The developer moved quickly to secure the site in May and plan the Palm Shores project that holds 20m of absolute beach frontage at Jefferson Lane.

The Zone Planning Group report said the 5Point development would help the region meet new housing targets.

“ShapingSEQ 2023 has not expanded Gold Coast’s urban footprint for new detached housing stock,” the report said.

“Rather, it is expected that 62 per cent of the Gold Coast’s new dwelling growth is required to be supplied as high-rise product, nine storeys and above. 

“This equates to 100,274 of all new dwellings in the City by 2046.”

5Point has another project, Ophira, at 105-107 Jefferson Lane, near the Palm Beach Surf Life Saving Club.

Perspective 488 Palm Beach is another projects on the books for 5Point, this one in partnership with Sherpa Property Group.