5Point Projects expands presence in Palm Beach with $15.6m beachfront sale

Leading Queensland builder-developer 5Point Projects has continued to acquire beachfront properties in Palm Beach, paying $15.6 million for a double block for a new ultra-luxury apartment project.

The two prime sites located at 171 and 173 Jefferson Lane cover more than 824 square metres with 20 metres of absolute beach frontage.

The latest acquisition highlights 5Point’s insatiable appetite for Palm Beach where it has built several projects over the past nine years and is currently constructing its highly successful $60 million Ophira apartments near the Palm Beach Surf Life Saving Club. Apartments in Ophira have been selling for an average of $7 million.

Damian Dove, Managing Director of 5Points Projects, said the latest purchase was part of the company’s ongoing belief in Palm Beach as one of the Gold Coast’s prestige beachfront hotspots.

“We are thrilled to be continuing our journey in Palm Beach after the success of Ophira which has captured strong interest from downsizers wanting to live on the beachfront,” he said.

“The opportunity to continue building upon the legacy of our past projects and the current Ophira development, and knowing that we will further contribute to the flourishing tapestry of this great community is very exciting.” 

Mr Dove said 5Point Projects was currently working up plans for the site but confirmed a boutique luxury apartment project in line with their brand was in the mix.

“We’re working with our architects and planners to create something special for the site and we hope to release these soon.

“At present, we only have two remaining apartments in Ophira and construction is well underway with basement works now completed.

“We expect to launch the new project later in the year.

“We are passionate about creating spaces that resonate with the unique essence of Palm Beach while meeting the evolving needs of modern living,” Mr Dove added.

With a proven track record of delivering unparalleled quality and innovation, 5Points Projects’ latest acquisition represents a significant milestone in its ongoing mission to redefine urban living in South East Queensland.