American pays record price for Coolangatta penthouse

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THE two level panoramic vista penthouse atop new Coolangatta development Awaken has smashed sales records with its $8.15 million purchase by a US-based buyer.

Half of its whole-floor apartments have also sold in quick succession.

Data from Urbis shows the penthouse transaction far exceeds any sales figure ever recorded south of Mermaid Beach on the Gold Coast for an apartment, villa or unit. It is also the highest price paid for any Gold Coast apartment in over two years.

The penthouse was snapped up just one week after developer, Brisbane-based S&S Projects, headed by Paul Gedoun, received the green light from council for the multimillion-dollar luxury 12-storey apartment project.

The sales were negotiated by Kerry Pezet of KM Sales and Marketing.

Awaken will offer views of the surf breaks from Point Danger, renowned for being one of the coast’s highest and most easterly points.

Only four of Awaken’s nine whole floor apartments now remain, with those left set to go for upwards of $4 million apiece after more than $20 million in sales in the first five apartments to predominantly local and interstate buyers.

Sales to date have averaged $4.3 million, giving Awaken one of the highest average sales rates of any boutique apartment project anywhere in Australia.

Awaken Residences is S&S Projects’ second Coolangatta development following the sell-out $74 million Flow Residences during the height of last year’s COVID-19 lockdown, in which apartments sold for an average of $3.5 million.

Awaken Residences will rise on a prime elevated parcel of land at 275 Boundary Street in Coolangatta’s desirable Rainbow Bay enclave, just a block away from Flow Residences.

The undisclosed US-based buyer of the Awaken penthouse has already purchased in Flow.

“These are discerning buyers who are attracted by well-designed, spacious and beautifully-appointed apartments in one of the most desirable coastal locations on Australia’s eastern seaboard,” Gedoun said.

The penthouse will sprawl 555 sqm over two levels, with bedrooms on the top level and living areas on the lower level.

Pezet said the penthouse buyers believed the site – perched on the top of the Point Danger headlands with sweeping 360 views of the Gold Coast, northern NSW beaches and the Tweed hinterland – was one of the most iconic in Australia.

“There’s no doubt this is one of the most spectacular locations anywhere in Australia and along with the architecture and design was keenly purchased by a couple currently living in the US but with deep roots on the Gold Coast,” she said.

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