Weekly Times

Gold Coast development: $200m Surfers Paradise tower unveiled for Garfield Terrace site

An award-wining Sydney-based development company wants to build a $200m, sixstar high-rise next door to a popular surf lifesaving club.

AN award-wining Sydney-based development company want to build a $200m, six-star highrise next door to a popular surf lifesaving club.

Sammut Group and Alceon Group have unveiled plans for Coast, a 35-storey “uber-luxury” tower in Surfers Paradise next to the Northcliffe Surf Life Saving Club. It will boast an “opulent” penthouse spanning three levels and more than 1000sq m.

Planned for an absolute beachfront site on Garfield Terrace, it will be the first luxury tower built in central Surfers Paradise since Jade was completed nearly 15 years ago.

Artist impression of new Surfers Paradise tower Coast by Sammut Group

Developer Allen Sammut said the project would be his company’s first on the Gold Coast after building in Sydney for 30 years.

“We are planning to create one of the most iconic, high-end luxury apartments the Gold Coast has ever seen,” he said.

“We are very keen to establish a presence on the Gold Coast, particularly given the strength of the luxury downsizer market and, accordingly, we have worked up plans that we believe will deliver a benchmark for this market anywhere, not only on the Gold Coast, but anywhere in Australia.”

The tower will have 49 luxury units, including 36 half-floor villas, two double-storey “sky homes”, 10 full-floor sub-penthouses and a giant penthouse.

Sammut will submit its development application to the Gold Coast City Council next week. It is expected to be considered by the planning committee before Christmas. If approved, the existing Garfield on the Beach tower will be demolished.

Artist impression of new Surfers Paradise tower Coast by Sammut Group

Alceon Group is one of Australia’s largest non-bank providers of development finance and has an extensive Gold Coast portfolio while Samut has created multiple award-winning projects across the country.

It is the latest in a flood of luxury high-end unit towers aimed at the downsizer and owner occupier market. More than $750m worth of units in these projects have been sold in the past six months alone Alceon executive director Todd Pepper said the strong sales were an ongoing trend.

“We are well aware of the strength of the luxury downsizer market on the Gold Coast,” he said. “Coast will well and truly fit the mould of meeting that demand with the quality of product this sector of the market is seeking.”