Sydney-based apartment king Harry Triguboff has upped the ante on the Gold Coast with plans for a second mega development on the Surfers Paradise foreshore, this time a twin-tower project.
As Triguboff’s Meriton group edges closer to completing the largest and most expensive tower it has ever built on the Gold Coast, the 76-storey Ocean, the company is ramping up plans for a $600 million twin-tower development for a site bought earlier this year from Singapore developer Banyan Tree.
Meriton has lodged plans with the City of Gold Coast to deliver 637 apartments to a market that a recent Urbis report described as undersupplied. However, half of them will likely be rentals.
The project will comprise a 70-level tower of 382 apartments and a 50-storey tower of 255 apartments, all with a mix of one to four-bedroom designs.
It is understood that Triguboff plans to retain half of the apartments for holiday rentals under the company’s Meriton Suites brand, bolstering Meriton’s already extensive rental portfolio on the Gold Coast.
Triguboff acquired the site for $75 million from Banyan Tree group which has been a keen seller of its south-east Queensland assets after offloading a Brisbane apartment site last year.
The 4423sqm Meriton site at the northern end of The Esplanade at Surfers Paradise has frontage to Main Beach Parade and is currently occupied the ageing Bahia tower and the Beach Lodge apartment building.
Triguboff, who owns a penthouse apartment at Main Beach and considers the Gold Coast a second home, is a big fan of the Australia’s tourism capital where he has developed more than 20 apartments over the past four decades.
At 88 years of age, Triguboff continues to plan for the future with a strong focus on emerging development opportunities on the Gold Coast and in Brisbane – the only markets he has pursued outside of Sydney.
His latest plans for Surfers Paradise were revealed earlier this year, with more detail revealed following the recent lodgement of the development application with the council.
Residents of the new project will have access to extensive recreational facilities with a podium level pool, spa, yoga lawns, sun deck and lounge terraces.
The development also will include two penthouses with four bedrooms and offer internal access to their own rooftop terraces.
Meriton has included 926 car parking spaces across nine levels and 2000sqm of retail space for a café and other amenities on the ground floor.
Meriton’s Ocean tower, the Gold Coast’s third highest building behind Q1 and Soul, is expected to be completed next year.
After a year of record new apartment sales on the Gold Coast Urbis in 2021, property consultancy estimated in its most recent analysis for the September quarter that the Gold Coast had just 2.2 months’ supply of apartments. The figure did not take into account new apartment releases since the end of September.
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