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Beach property boom reaches Rainbow Bay
Tweed Border Mail | 31 January 2008 THE beachside property boom has reached Rainbow Bay with developers already prepared to pour millions of dollars into the small seaside suburb near the Queensland and New South Wales border.
Property experts are tipping 2008 will be the year Rainbow's up market makeover gathers steam, following last year's sale of the landmark Greenmount Resort.
The busy holiday hot spot has been discovered by the newly formed Alexander Property Group, headed by former Macquarie Bank executive Scott Ponton.
APG has purchased two sites at 11 and 40 Eden Avenue, Rainbow Bay, for $7.85 million, one of the largest single land acquisitions in the area. The company plans to build two 10-storey boutique apartment complexes with a combined gross value of about $35 million, less than 100 metres from the beach.
Analysts say the trend for owner-occupied luxury apartments at Kirra and Coolangatta is now spreading to Rainbow.
Mr Ponton said: "I am not aware of any other prime coastal site with the potential to become an upmarket village as Rainbow Bay does."
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