Local Developer Behind Latest Southern Gold Coast Tower Plan

The 63-apartment project is planned for a 1000sqm site on the corner of McLean and Musgrave streets, one block back from the beach and Coolangatta’s RT Peak Memorial Park.

The high-rise apartment complex, to be called 39 McLean Street, will replace an ageing surf shop on the western end of the site.

The BDA Architecture-designed development has been inspired by the triangular Flatiron building in New York City—a 22-storey office tower and destination in the city that has been popular with photographers and artists for more than a century.

Greyburn director John Kearney told The Urban Developer the site had been selected due to its position at the intersection of Griffith Street, the suburb’s major shopping and dining strip. “As a Gold Coast-based developer we follow the market here with great passion,” Kearney said.

“Over the last several years we have been investigating where we believe is the best place to deliver well priced high quality homes and circled in on Coolangatta.

“I’ve always been passionate about Coolangatta having grown up on the Gold Coast surfing the famous Coolangatta surf breaks along with being a competitive freediver of the Tweed Gold Coast Freediving club.

“This site has all the major features we thought highlight the liveability of the Gold Coast being central to all the amenity of Coolangatta’s beachside retail as well as the best beaches in Queensland.”

At 144 Marine Parade, Spyre Group is well advanced on a $50-million, 30-apartment project development designed by Bureau Proberts.

The 4000sqm residential project, due for completion in 2022, replaces the well-known Komune Resort—popular with professional surfers competing in the Quicksilver and Roxy Pro events.

At nearby Rainbow Bay, plans have also been put forward for a $100-million-plus apartment tower. That 12-storey development, being led by CapDev Partners, Kingbella Group and Steer, will comprise 94 apartments, including three ground-level “town homes”, topped by a rooftop communal area with infinity pool.

The project is the trio’s third joint-venture on the Gold Coast. Sizzling demand due to pandemic-inspired sea-changers and downsizers has led to record apartment sales on the Gold Coast, dragging supply levels to new historical lows.

According to Urbis, the Gold Coast’s southern beaches from Mermaid Beach to Coolangatta currently hold just 2.1 months supply.

Strong demand for apartments in the precinct has now made it the most expensive for new apartments on the Gold Coast.

The weighted average sale price in this market has surged by $142,000 to $1.36 million, compared to the first quarter of this year, up more than 42 per cent in just two years.