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Queensland-based 5Point Projects has put its foot on another beachfront site as locally based developers keep the home fires burning in the Gold Coast’s development hotspots.
It has paid $15.6 million for a double block along the exclusive dunal strip of Jefferson Lane strip at Palm Beach.
With plans to undertake a luxury apartment development, the acquisiton is the latest addition to the company’s pipeline on the Gold Coast, where it has built several projects over the past decade.
The beachfront holding spans 824sq m at 171 and 173 Jefferson Lane with a 20m frontage to the sand and surf.
It is also just up the lane from 5Point’s under-construction $60-million Ophira medium-rise tower, where apartments have been selling for an average of $7 million.
The builder-developer is still working up plans for the new site but confirmed a boutique luxury apartment project was in the mix.
“We’re working with our architects and planners ... and we hope to release the details soon,” 5Point managing director Damian Dove said.
“We expect to launch the new project later in the year.”
Only two apartments remain in Ophira, which comprises seven full-floor apartments and a two-level penthouse.
Basement works have been completed on the project at 105-107 Jefferson Lane, near the Palm Beach Surf Life Saving Club.
Meanwhile, another Glitter Strip developer has pounced in what is often dubbed the southern Gold Coast’s millionaires row.
Ignite Projects has secured 1177 Gold Coast Highway (186 Jefferson Lane) from Sydney-based Daascon in a deal worth about $7 million negotiated by GV Property Group.
It has amalgamated the parcel with two blocks to the north and is planning a code assessable nine-storey project, rather than the 14-floor tower that Daascon had proposed.
The purchase is the third acquisition at Palm Beach by Ignite Projects, which is also behind the Cabana project on nearby Nineteenth Avenue.
“No two projects are the same ... but there will be similarities to Cabana,” Ignite managing director Josh Foote said.
