A new skyscraper is in the works to add to Surfers Paradise real estate scene. It will sit on the site of the old Apollo building on Surfers Paradise boulevard, which was purchased by property giant Meriton in February for $58 million. Set to reach a height of between 290 and 310 metres, it may become the Gold Coast's tallest building.
Early designs indicate that the skyscraper will have at least 90 storeys. If it reaches these upper height limits, which are possible because of the lack of height restrictions on the site, it will be taller than Spirit Tower, which is still under construction but set to reach 298 metres. It may also end up being taller than Australia's highest building, the Q1 tower.
The founder of Meriton, Harry Triguboff, said in an interview with the Gold Coast Bulletin that he was confident in his Surfers Paradise real estate investment because the area is so vibrant.
"The Surfers site is the best in town – the sort of property I've always dreamed of having on the Gold Coast," said Mr Triguboff.
"With a site like this one, the sky's the limit and we will do the Gold Coast proud."
The project appears to be moving quickly; June has been proposed as a potential starting point for the construction of this new building, which is yet to be named.
SJB architects have been named as the designers of the new construction. They are set to use a clever design that will provide all 270 serviced apartments and 300 residential apartments with sea views. The current projected cost is set to top $1 billion.
Meriton Serviced Apartments is the biggest owner of hotel suites in Australia – they have more than 4,000, with two in Brisbane and two on the Gold Coast. Mr Triguboff said that his other serviced apartments projects in the area were very "robust performers" and he didn't expect there to be any slowing down in Gold Coast real estate.
"We believe the Queensland market is strong and that prices will rise further," he said.
The construction team Meriton plans to use for this new high rise are expected to be shifted across from Sundale, the company's other project, which is in the final stage of its 1,600 apartment community in Southport.
The demolition of the Apollo began in March. It had stood on the near-4,000 square metre site since the 1960s, and used to be the 22-storey International Beach Resort with 120 rooms. Mr. Triguboff had bought it from Singaporean businesswoman Gertrude Kwok, who up until now had been running it as a three-star hotel.
The $58 million is the most the property billionaire, who last year topped the Business Review Weekly's rich list with a $10.6 billion fortune, has paid for Gold Coast real estate. The most he'd spent prior to that was the $54.5 million 12 years ago, when he purchased the former Sundale shopping centre.
This new high rise is just one of many new builds gracing the Gold Coast's skyline. Harry Triguboff isn't wrong when he says Surfers Paradise is a vibrant town that still boasts loads of real estate potential. You don't have to be a billionaire to buy property here, either. Ray White Surfers Paradise has a whole range of real estate to suit anyone's needs. So, if you're looking to purchase an investment property, or to buy for your next family home, give us a call on (07) 5538 1555.