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Gold Coast developer Monaco Property Group has wasted no time in firming up its ambitions for a $70 million site acquired along the Miami beachfront by lodging plans for an ultra-luxury residential project on the property that was formerly known as the Nobby’s Outlook holiday apartments.
Monaco Property is proposing to deliver 46 apartments on the 7,238sqm site - the same number currently located within the aging property, although the new apartments will be considerably upsized in keeping with demand for luxury residences on the Gold Coast beachfront.
Nobby’s Outlook was renamed Nalu after an extensive refurbishment by the vendor, Melbourne businessman Paul Solomon who acquired the property for $23.75 million in 2017.
Monaco Property Group plans to retain the Nalu name, which is a Hawaiian word for “wave”, for its proposed new project.
The development plans are understood to have been lodged ahead of the proposed settlement of the site, the sale of which was announced last week.
Located at 122-130 Marine Parade and backing onto Nobbys Hill, the Nalu site provides 80 metres of beach frontage and has been an acquisition target for Gold Coast developers for decades.
Monaco Property Group, a company associated with developer Jonathan Grasso and businessman Jay McPhee, is proposing to replace the two-storey Nalu building with a four-storey design, and a partial fifth level hosting an exclusive penthouse collection, complete with private pools and dedicated wellness retreats.
Residences will range from 231sqm to more than 1,000sqm, offering a diverse array of lifestyle options.
Both Grasso and McPhee plan to acquire an apartment each in the development once it is completed.
“This is a once-in-a-lifetime opportunity to craft something truly special,” says Grasso.
“We’re creating more than just residences – we’re building a lasting legacy that respects the past while ushering the site into a new era of considered, luxurious coastal living.”
Originally developed in the 1970s, Nobby’s Outlook was a popular Gold Coast holiday destination for generations of locals and visitors.
After refurbishment by Solomon in 2019, the property became a boutique residential offering for short-term and long-term rentals.
“Our design embraces the site’s dual treasures – the golden shoreline and the lush rise of Nobby’s Hill,” says Grasso.
“Every element has been curated to harmonise with the land, creating a seamless blend of modern elegance and natural immersion.”
The redeveloped Nalu will include a 2,000sqm wellness, gym, and pool precinct, alongside a private concierge service for residents.
Monaco Property Group says it will employ sustainable building practices and environmentally sensitive landscaping “to ensure the preservation and enhancement of the site's natural beauty”.
The developer has enlisted award-winning firms Koichi Takada Architects, BDA Architecture and LDG Landscape Architecture for the project design.
Monaco Property expects to begin construction in early 2026, pending council approval, with project completion expected by late 2028.
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