Sydney developer eyes Palm Beach luxury apartments
Luxury apartment developments on the Palm Beach beachfront are continuing to stack up.
The latest play is by Sydney-based developer Chanine Developments, who secured a large site across 1407 Gold Coast Highway and 402-404 The Esplanade through site amalgamation specialists GV Property Group.
Chanine, led by Marwan Chanine, has now lodged plans for a boutique eight-level building with 15 half-floor apartments and a massive five-bedroom penthouse.
Chanine said the vision is to bring the opulence of the Eastern Suburbs to Palm Beach, in both finishes and aesthetics."
"The team are consistently looking across the entire eastern seaboard, and we've always loved Queensland," Chanine said of their first project outside of New South Wales.
"We're not building anymore coastline, so there's always value on the water."
Chanine had been working on securing the site for over a year. They're building the apartments on the 824 sqm The Esplanade site which has a 20 metre frontage. They will landbank the site fronting the Gold Coast Highway if a future development opportunity arises.
There will be 16 apartments in the building which has been designed by CDArchitects. The 15 three-bedroom apartments will sit beneath a massive 354 sqm, five-bedroom penthouse with its own rooftop pool, barbecue kitchen and alfresco space.
CDArchitects said the architectural concept draws inspiration from the dynamic interplay of shifting sands and ocean waves.
"Emulating the sinuous movements found in nature, the design manifests in a curvilinear facade that echoes the undulating contours of both sand dunes and waves."
They said the apartments themselves offer a superior level of luxury, boasting spacious interiors and uninterrupted sightlines to the beach and coastline.
"Far from imitating past architectural feats, the proposed building aspires to establish itself as an iconic landmark along the coastline, setting a new standard for design innovation and coastal living."
There will be two basement levels with 55 parking spaces and 18 bicycle spaces, as well as resident amenity on the ground floor in the form of a pool and spa.
GV Property Group's Luke Reaby says they're seeing an influx of developers coming back into the market following a slight lull in the market in 2023.
"Stock has dried up and record revenues are being achieved every week in the off the plan market," Reaby says, adding that the record revenue have assisted in beachside projects becoming more viable."
As for Palm Beach, where GV has sold seven sites in the last 18 months and their 17th in Palm Beach, Reaby says it's arguably one of the most demanded suburbs on the coast.
"Plenty of new development has and will continue to occur in and around Palm Beach which will result in a really vibrant neighbourhood."
Chanine has around $1 billion worth of development in the pipeline across New South Wales and now Queensland.
Their main focus in Sydney is a 4,595 sqm site they have in Bellevue Hill where, subject to council approval, they'll be launching 36 three and four-bedroom apartments later this year.
The apartments will be spread across a trio of buildings at 186-192 Old South Head Road, on the corner of Banksia Road near where Bellevue Hill meets Bondi Beach.