8 Kandra Ave, Currumbin was snapped up during construction. Artist’s impression/supplied
A hushed deal for an oceanview mansion still under construction and funded by a syndicate of mum-and-dad investors has smashed a Gold Coast suburb record.
The jaw-dropping new build at 8 Kandra Ave, Currumbin sold off-market for an undisclosed sum understood to be circa $12 million, setting a new benchmark for the sought-after southern Queensland market.
The trophy home, named ‘Maya’, was brought to life by Australian Development Solutions (ADS), a private company that pools capital from retail and private investors.
Directed by property industry veteran Cory Hinds, ADS initially raised $3.5m to acquire the double block spanning 8 and 10 Kandra Ave.
It has set a new residential record for a house in Currumbin
While the exact contribution from each individual syndicate member remains private, ADS requires a minimum investment of $100,000 to buy into their projects.
The syndicate promised its backers a 12 per cent per annum net return paid in monthly distributions, with project marketing materials forecasting a lucrative $2.75m profit margin upon completion.
The original property was demolished to make way for two separate luxury homes, both designed by BDA and built by Hankn.
With completion not due until July, the four-bedroom, five-bathroom showstopper was snapped up by an existing client months before the paint had even dried.
Artist’s impression: The property has sweeping ocean views
Gold Coast interior designer Emma Sweeny has steered the project’s creative direction.
Sweeny, who previously made headlines for the radically rendered ‘Ruin X’ in Burleigh Waters, designed a collection of original furniture customised for the space.
“Watching the structure come together is one of the most exciting parts of the entire process,” she shared.
“You can finally start to understand the proportions, the views and the spaces that will define the home.
“The scale of the building is honestly amazing to see in real life.”
The home has five bedrooms and a range of indoor and outdoor living spaces
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Selling agent Jamie Harrison, of Kollosche, said several buyers competed for the home, which has stunning ocean views south to Coolangatta.
“To get a brand new, modern home in a key location like that, there is real depth of demand,” Mr Harrison said.
“Although there are increasing construction costs and other barriers to the market, there are buyers ready to pay a premium for the right product that ticks the boxes with quality construction, thoughtful design, and a great outlook and position.”
While a confidentiality clause prevented Mr Harrison from confirming the exact figure, he confirmed the sale well-eclipsed the previous suburb record of $11.3m, set in 2021 at Darwalla Ave.
The house is one of two separate designer residences taking across the double block
“I can’t tell you what the price is, but it is a substantial result for the southern Gold Coast and I think it sets the calibre of what is to come, provided there is the right product,” he said.
The developer plans to finish the second residence at 10 Kandra Avenue, named ‘Avi’, before testing the open market, setting the stage for yet another potential record-breaker on the same block.
PropTrack data show house prices in Currumbin were up 8.8 per cent over the past 12 months to a median of $1,795,000.
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