Sydney-based Abadeen purchases prime Palm Beach mixed site

Sydney-based development company Abadeen has purchased a prime planning-approved site at Palm Beach on the Gold Coast.

The acquisition is part of a strategic move that paves the way for the diversified group to gain a foothold in Australia’s premier residential lifestyle market.

The company, headed by Justin Brown, has acquired the site from well-known Gold Coast-based company Cru Collective which has divested the site to focus on other residential opportunities. The purchase price has not been disclosed.

Abadeen has laid immediate plans to develop the site with a premium residential offering as it moves to capitalise on solid market fundamentals driving demand for luxury apartments along the Gold Coast’s southern beaches.

Plans include an ‘uber cool’ retail precinct that will service the project and the surrounding established community of northern Palm Beach.

Abadeen has developed more than $1.3 billion in residential and retail projects over the last 20 years, including high end residential and commercial projects in the Sydney area and a large land estate in the Hunter Valley.

Managing Director of Abadeen Group Justin Brown said the company was delighted to have purchased such a strategic site to enter the Gold Coast market.

“We are extremely excited with the purchase in what we believe is one of Australia’s premier beachfront locations,” said Mr Brown.

“The location of the site is close to northern Palm Beach’s pristine beachfront precinct as well as Tallebudgera Creek and is located in an area where there are very few development opportunities for such a project.

“While we know the market is running very strongly on the southern Gold Coast and in Palm Beach in particular, we believe the market is primed for this project.

“We have already opened a sales display and are about to enter the market with our selling program.”

Abadeen has appointed CBRE to market the project which will be officially launched to the market soon.

The sale of the site was negotiated by Antonio Mercuri, of GV Property Group.

Cru Collective, which has completed three highly successful residential projects on the southern Gold Coast in recent years, has sold the site to focus on its latest project, an 11-storey luxury skyhomes development at Kirra Beach.

Cru Collective managing director Chris Bolger said the interest his company received for the Mawarra Street site reflected the ongoing strength of the Palm Beach residential market.

“There is huge demand for unique sites with approvals in place, and this site drew an overwhelming amount of interest from astute developers keen to tap into the southern Gold Coast market,” said Mr Bolger.

“The sale is a strategic move for our company, giving us a very strong cash position that has been supported by the success of our recent projects and gives us flexibility to look for other opportunities.”