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Gold Coast developer Monaco Property Group has forked out $70 million for a former holiday resort at Miami in an off-market deal that has caught the local industry by surprise.
The property, known as Nalu, was developed almost 60 years ago but has been the subject of several overtures from a raft of potential buyers in the past four decades.
Located on a 7,238sqm site at 122-130 Marine Parade and backing onto Nobbys Hill, the sale price represents one of the biggest residential property deals on the Gold Coast this year.
It also provides a healthy profit for Melbourne businessman Paul Solomon, who acquired the property for $23.75 million in 2017 before undertaking a major refurbishment to accommodate short-term and long-term rentals along the Miami beachfront.
Formerly known as Nobby’s Outlook, the property was renamed Nalu after the refurbishment and more recently it has been providing long-term accommodation for residential tenants.
Monaco Property Group, a low-profile developer associated with property veteran Jonathan Grasso and Australian businessman Jay McPhee, is laying plans for redevelopment of the site into luxury apartments, although details have yet to be disclosed.
McPhee is a property investor and developer with diversified holdings in residential, commercial and agricultural assets nationally.
“We’re extremely excited to have secured Nalu, one the best beachfront development sites on the eastern seaboard of Australia,” says Grasso.
“The site is not only one of the largest beachfront development sites on the Gold Coast, but its position overlooking the beachfront and close proximity to the heart of Nobby Beach provides a truly unique opportunity for our team to create an incredible residential development that will be a legacy for years to come.”
Monaco Property Group is currently undertaking the $114 million Capri Villas development, which comprises a collection of 48 apartments at Isle of Capri near Surfers Paradise and is due for completion later this year.
The company also counts the TRYP hotel in Brisbane’s Fortitude Valley as an earlier project, although it scrapped plans for a $130 million residential project known as Belvue Broadwater at Runaway Bay in 2023 due to rising construction costs.
The deal for Naru is a major coup for Monaco Property Group as the property has been in the sights of developers for decades.
The most notable was the former listed Gold Coast developer Sunland which had contracted to buy the property for $40 million in 2010, although that deal fell through.
Solomon, the CEO of Moose Toys and co-founder of Duncraig Capital, secured the property in 2017 when it went to auction, drawing interest from the likes of billionaire developer Bob Ell, and local players Barry Morris, of Morris Property Group and Peter Fahey of Clarence Property.
Nalu, a Hawaiian word that means “wave”, comprises 46 two and three-bedroom apartments set across four connected two-level buildings in a square configuration around a central recreation area with two swimming pools.
The property offers 80 metres of uninterrupted ocean frontage and is set west of Thorn Park which sits alongside Miami North Beach.
Nalu is positioned close to the Nobby Beach retail and dining precinct, which will be serviced by a light rail station once the Burleigh Heads extension of the G:Link network is completed.
Monaco Property Group has yet to lodge a development application with the Gold Coast City Council for the site.
“We are very excited to be working up plans for a truly world class project on such a unique site with an incredible 80 metres of beach frontage, which is certainly a rarity on the eastern seaboard of Australia,” says Grasso.
“It’s a property that locals know well, which is why we have decided to retain the name Nalu as it reflects the vision we have for this property.
“It’s very rare to have a site bound by two natural assets, being the pristine beach frontage and the lush elevation of Nobbys Hill and Lions Head Park.
“In line with our founding philosophy, our plans for Nalu will be defined by a commitment to quality, legacy, incredible landscape, world class amenity and wellness and an architectural statement of excellence.”
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