This article is from the Australian Property Journal archive
DEVELOPER Robert Badalotti’s Azzura has won approval from Gold Coast City Council for a 40-level apartment tower, which will be the second within its $3 billion Imperial Square project at Southport.
Azzura lodged plans for the $650 million tower, named Monarch Place, last year, which included 223 units and a vertical retirement village making up 140 of the residences.
Designed by Kris Kowalski Architects, Monarch Place is now set to have a collection of two and three-bedroom apartments from level seven to 26, and skyhouses from level 27 to 38.
The tower will include food and dining on the ground level and first floor, and strata-titled specialist medical suites on level two.
The Imperial Square project master plan also includes the 108-storey tower Majesty, which would become Australia’s tallest of its kind if it comes to fruition, as well as the 68-level Imperial tower.
It also includes the now sold-out Regal Residences.
The precinct is situated on 1.34 hectares at 59-73 Meron Street in Southport.
The Gold Coast apartment market has seen prices soar in recent years, including a surge of more than $500,000 in the past six months, driven by low levels of supply, construction costs, and a boom of active local and interstate investors and owner occupiers looking for a seachange or holiday home.
Only two new projects yielding a total of 112 apartments launched on the Gold Coast during the March quarter, while Marquee Development Partners launched its 74-residence La Belle Palm Beach project in April.
The broader Gold Coast market remains undersupplied, with just 1,396 apartments remaining for sale – the lowest level since the end of 2022, according to Urbis data.
This week, a Broadbeach penthouse has sold for $12.5 million, setting a new record for the Gold Coast, and the glitter strip’s luxury market is now about the see another eight-figure offering put to the market. Melbourne-based developer Hirsch & Faigen has placed the penthouse of its Emerson Kirra project on the market with expectations of $10 million.
