Sydney apartment builder Meriton has purchased a 4000 square metre residential site on the Gold Coast Esplanade near Cavill Avenue with plans to turn it into a 90-storey apartment tower.
The site, which overlooks the beach and has no height restrictions, could yield the Gold Coast’s highest apartments, Meriton said.
It will be part of Meriton’s Queensland portfolio of serviced apartments which includes the Brighton on Broadwater project in Southport. Since entering the Queensland market about 35 years ago, Meriton has two properties in Brisbane and three on the Gold Coast.
“We believe the Queensland market is strong and that prices will rise further,” Meriton founder Harry Triguboff said.
“We already have serviced apartments north in Southport and south in Broadbeach and they are very robust performers. The new tower will be the icing on our serviced apartments business on the Gold Coast.”
Meriton will complete its Brighton project in December and move its construction team to Surfers Paradise in March, after Meriton takes full possession of the property.
Canford Property Group’s Roland Evans and Meriton acquisitions manager Angelo Mantsis handled the deal.