Splashing out in style
Developer snaps up luxury Hedges Ave penthouse for a cool $5.25m
IT’S been a busy few weeks for Victorian property developer Colin DeLutis, dropping more than $70 million on property nationwide.
Fresh from snapping up a shopping centre in regional Victoria for around $65 million, the CEO of DeGroup and former vice-president of the Carlton Football Club splashed $5.25 million on a luxury penthouse on the Gold Coast.
The property on Hedges Ave, Mermaid Beach, last sold in January 2017 for $4.8 million and was once owned by former Coles boss John Fletcher, who paid $6.7 million for it in 2007.
The two-level 758sq m four-bedroom sky home offers views to the north and south of the Coast. It also has a rooftop terrace with a 15-metre lap pool and spa.
Mr DeLutis, whose family built their wealth by founding Westco Jeans before going into property development, said he had been eyeing off the residence since it was built in 2005.
“I know the building well as I’ve looked at it extensively over the years,” Mr DeLutis said.
“I own shopping centres