A massive $600 million development will see more apartments built in fast-growing Surfers Parade.
Apartment mogul Harry ‘high-rise’ Triguboff has purchased a site on The Esplanade and already has plans to construct two 55-storey towers containing some 700 apartments.
The multi-billionare founder of Meriton Apartments says one of the towers will be rented out through Meriton, while the other will be sold off as individual apartments.
The exact location of the development has not been announced for confidentiality reasons, but it has been confirmed it will be somewhere on Surfers’ glittering The Esplanade.
Contracts have been exchanged to purchase the site, with plans already drawn up for the dual-tower development.
It will be the second development undertaken in Surfers Paradise by Meriton this year, with Harry sure the region will continue to grow.
“Queensland is booming,” he says. “We are very confident (so) we purchased another block in Surfers Paradise. Our present one is moving very well, we are on the 55th floor and will start offering our penthouses next month.”
320 serviced apartments will be offered in Meriton’s current development, with the new development set to more than double that offering upon completion.
Harry says space is at a premium, with low interest rates increasing consumer demand for larger apartments.
“There are not enough three-bedroom units around…everywhere the more expensive units are moving better than the cheaper ones,” he says. “But with the low-interest rates, people can afford the dearer ones.”