THE demolition of a vintage motel on the southern Gold Coast has begun, marking the end of an era as plans for a luxury residential development forge ahead.
A short stroll from some of the city’s famed surf breaks at Greenmount and Rainbow Bay, the Sunset Strip Holiday Lodge in Coolangatta is one of the few remaining 1960s motels on the Gold Coast.
Sherpa Property Group purchased the family-owned accommodation house in a $10 million-plus deal in February, with a view to developing the 3947sq m holding at 199-203 Boundary Street.
The two-storey motel will soon be replaced by the $30 million Freedom Beach Homes Rainbow Bay which comprises 16 freestanding residences, priced from $1.4 million a piece.
Sherpa Managing Director Christie Leet said the project aimed to satisfy high demand for housing close to the beach, with Rainbow Bay among the most under supplied suburbs on the Gold Coast.
“If you want to live on the southern Gold Coast in a new house, close to the beach, your options are extremely limited,” Mr Leet said.
“The site is code-assessable for up to 157 apartments, but we prefer to take the approach that less is more.
“There is a huge oversupply of apartments on the Gold Coast and we think people are ready for something a bit different.”
Sherpa has embarked on a string of limited edition projects on the southern Gold Coast and Tweed Coast over the past two years.
An original beach shack on Pacific Parade will be relocated to make way for five full-floor luxury apartments overlooking the beach at Bilinga while four freestanding residences will be built on Golden Four Drive.
Last month Sherpa revealed plans for 11 luxury residences fronting The Esplanade at Palm Beach and 17 DA-approved lots near Cabarita Beach sold out in one day.
As featured in RealEstate.com.au/news