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Exclusive residential towers earmarked for Rainbow Bay
Gold Coast Bulletin | 25 January 2008 FORMER Macquarie Bank executive Scott Ponton has dived into Coolangatta's Rainbow Bay, splashing out $7.85 million to acquire two medium-rise development sites.
Mr Ponton has made the acquisitions through his Alexander Property Group which has earmarked each parcel for a 10-level boutique apartment tower.
He said the group intended to capitalise on the trend towards luxury boutique apartment buildings, which had already proven popular along the Coast.
There is a definite shift towards high-end apartment product, as demonstrated by successful projects in Kirra and in Burleigh Heads," he said.
Buyers are increasingly looking for apartment-living options that include larger than average floorspace, generous balconies and views over the ocean.
"And they don't necessarily want to be a part of a large impersonal complex of hundreds of apartments.
"This trend particularly will be the focus at the southern end of the Gold Coast.
"The strong underlying market for this product, coupled with the distinctiveness that Rainbow Bay offers as a location, will assuredly create interest in these two new projects."
The development sites are at 11 and 40 Eden Avenue, which is less than l00m from the beach and a short walk to Coolangatta's emerging retail and dining precinct.
Each has an approval in place and will be developed by a consortium headed by APG.
Mr Ponton said the two-title 1468sqm block at 40 Eden Avenue would be the first to be redeveloped, housing a tower to be called Eden Rainbow Bay.
The $21 million tower will feature 19 apartments and a two level villa.
"Rainbow Bay has for a long time been undervalued as a picturesque stretch of beach," said Mr Ponton.
"However, it contains one of the most unique geographical attributes anywhere in northern NSW or the Gold Coast," he said.
"Essentially it is a headland with a north facing beach, not unlike Byron Bay, with the world-famous Snapper Rocks and retail precinct of Coolangatta only a few steps away.
"I am not aware of any other prime site along this part of the coast with the potential to become an upmarket village that Rainbow Bay has."
The second tower, Ciel Rainbow Bay, will take shape on an 868sqm site at 11 Eden Avenue.
The $14 million project will feature one apartment per floor and have a penthouse spread over two levels. Construction of Ciel Rainbow Bay is expected to start later in the year.
The sites, zoned Tourist and Residential, were sold by three investors who bought them for almost $2.9 million in 2001 and 2002.
The Alexander Property Group was established recently by Mr Ponton to take advantage of development opportunities on prime coastal sites.
Mr Ponton's role with the Macquarie Bank saw him manage Macquarie Real Estate Equity Fund developments in Queensland, including luxury apartment projects Kirra Surf, XXV Breaker Street at Main Beach, the Macrossan Apartments in Brisbane, and the Viridian Resort and Spa at Noosa Heads.
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