A new $200 million 35 storey beachfront development is set to rise at 43 Garfield Terrace, Surfers Paradise on the Gold Coast with a development application being lodged in the coming weeks.
The project – to include a three-level penthouse – is being undertaken by Sydney development company Sammut Developments in a joint venture with investment company Alceon Group.
Known as ‘Coast’, the project encompass 49 residences, including 36 half floor villas, 2 double storey sky homes, 10 full floor sub penthouses and a penthouse.
“We’re planning to create one of the most iconic, high-end luxury apartments the Gold Coast has ever seen,” said Allen Sammut, whose company has more than three decades of experience in delivering luxury commercial and residential developments throughout Australia.
“We’re very keen to establish a presence on the Gold Coast, particularly given the strength of the luxury downsizer market. 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.”
Coast will include a range of residential amenities including a wrap-around infinity pool, sky gardens, gym and sauna, beachfront entertainment rooms and bbq entertainment spaces.
Coast’s features never to be built out views from the north to south of the property, courtesy of the neighbouring surf club, patrolled beach and parkland.
“We began our journey of developing prominent, beachside apartments in Sydney’s beautiful waterside suburb Cronulla over 15 years ago with our renowned ‘Coast’ full floor apartments,” said Mr Sammut.
“A testament to our history and beginnings, we felt it was only appropriate to announce and name our first luxury project in Queensland, ‘Coast’.”
Business amenities and residential office facilities are proposed within the development to reflect the growing trend towards working from home post-pandemic.
“Coast will bring an unrivalled level of resort-style living right to the shores of Surfers Paradise, packaged in an ultra-luxurious product that has everything you could need to soak up the best facets of the coastal lifestyle from your own home,” said Mr Sammut.
“We have invested a lot of thought and consideration into creating a space that emanates the look and feel of a resort, with our incredible features and concierge service, with the comforts and quality you want from a home.”
Mr Sammut said the site’s location at 43 Garfield Terrace meant it was pristinely located whilst being central to the majority of the coast’s key attractions.
“We truly believe we have one of the most incredible Gold Coast locations on our hands, with the beach at your doorstep, Pacific Fair and The Star Casino, and a central home base to explore the Gold Coast from,” said Mr Sammut.
Established as Sammut Constructions by Paul Sammut over 40 years ago, the family owned business is now headed by sons Allen and John, and grandson Julian Sammut who have evolved the business into ‘Sammut Group’.
Alceon Group is a Sydney-based investment group and is one of Australia’s largest non-bank providers of development finance, having invested over $4 billion across real estate, private equity/credit, and listed equities investment strategies.
Alceon possess a range of portfolio of Gold Coast projects, with their Brisbane arm accruing an reputation in the property sphere.
Todd Pepper, Executive Director of Alceon QLD said the company was looking forward to delivering a high end residential precinct that met the strength of the luxury downsizer market.
“We are thrilled to be working with Sammut Developments and believe Coast will set a new benchmark and create a truly unique boutique luxury residential experience,” said Mr Pepper.
“We are well aware of the strength of the luxury downsizer market on the Gold Coast. Coast will well and truly fit the mould of meeting that demand with the quality of product this sector of the market is seeking.”