Luxury units all sold off the plan

A BRISBANE developer has found a pot of gold at the end of Rainbow Bay, with apartments in his $74 million luxury beachfront tower selling out.

The final $3.15 million unit at Rainbow Bay’s 13-storey Flow Residences sold less than 12 weeks after the project was put to the market.

The luxury three-bedroom, half-floor “oceanic” apartment overlooks Snapper Rocks and came on top of $70 million in sales recorded during the first two months of the campaign.

Real estate agent Jayde Pezet managed the sales and said the speed of the sellout surprised everyone.

“This is without doubt the most successful sales campaign we have been involved in,” he said. “What has made it more unbelievable is that we launched the apartments at the end of June, only weeks after the Gold Coast came out of the COVID lockdown and while the borders with NSW and Victoria remained closed.

“The sellout shows the pent-up interest in the Gold Coast from well-heeled downsizers who are from the Gold Coast, Brisbane and interstate.”

The 22-unit tower was developed by Brisbane-based surfer and developer Paul Gedoun and his S& S Projects.

Of the buyers, 65 per cent were Queenslanders, with most from Brisbane.

NSW residents bought seven apartments and one buyer hailed from California in the US. Champion surfers Joel Parkinson and Mark Richards were among the buyers.

The existing three-storey building on the site will be demolished in November, with construction of Flow expected to begin in early 2021.

The city council approved the tower in September despite objections from nearby residents who feared the project would block their view.