Monaco Property Group has acquired the Miami holiday destination Nalu for $70 million in one of the biggest residential deals on the Gold Coast in 2025.

The acquisition by Monaco Property Group, a Gold Coast company associated with seasoned developer Jonathan Grasso and Australian businessman Jay McPhee, positions the group to create a landmark beachfront project on a site that has been a popular drawcard for locals and holidaymakers for decades.

Formerly known as Nobby’s Outlook and originally developed in the early 1970s,&nbsp;Nalu comprises 46 two and three-bedroom apartments that are currently offered as long-term rentals.

It consists of four connected two-level buildings in a square configuration that includes a central recreation area with two swimming pools, and underwent a major refurbishment in 2019 after which it was renamed Nalu – a Hawaiian word that translates to ‘wave’.

The property benefits from an idyllic location fronting Thorn Park and Miami North Beach while offering 80 metres of uninterrupted ocean frontage and a central location which is just a short stroll from the popular Nobby Beach retail and dining precinct.

Monaco Property Group is leveraging its extensive development expertise to reimagine the expansive 7,238 sqm site, with the company currently laying plans for an ultra-luxury new residential development that takes advantage of its unique location in one of the most sought-after coastal enclaves on the Gold Coast.

Among the latest high-profile developments undertaken by Monaco Property Group is the $114 million award-winning Capri Villas, a collection of 48 architecturally designed villas at Isle of&nbsp;Capri on the central Gold Coast, which are due for completion in Q3 of this year.

“We’re extremely excited to have secured Nalu, one the best beachfront development sites on the eastern seaboard of Australia,” Grasso said.

“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.”

Nalu was secured by Monaco Property Group through an off-market deal in which the company dealt directly with the vendor. Monaco Property Group plans to lodge a development application for the site with the Gold Coast City Council.

“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,” Grasso added.

“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.”

Located at 122-130 Marine Parade, Nalu backs onto Nobbys Hill and the untouched natural beauty of Lions Head Park to the west, while offering ocean views to the Miami North beachfront and south to Coolangatta and Rainbow Bay.

Nalu was secured by Monaco Property Group through an off-market deal in which the company dealt directly with the vendor

Joel Robinson

Monaco Property Group pays $70m for Miami site, plots luxury apartment development

Leading Australian development manager, <a href="https://www.urban.com.au/developers/fortis">Fortis</a>, is continuing to make its mark on the luxury apartment market in Melbourne's best suburbs.

Fortis, the development arm of real estate investment giant Pallas Group, has commenced construction on Carmine House in <a href="https://www.urban.com.au/developments/richmond-vic-3121">Richmond</a>, one of Melbourne's most vibrant and tightly-held inner city suburbs, which has seen a shortage of new apartment developments in recent years.

<a href="https://www.urban.com.au/new-apartments/carmine-house-richmond-5-wiltshire-street-richmond-vic-3121">Carmine House</a>, located on Wiltshire Street, just one row back from the iconic Swan Street and a stone's throw from East Richmond Station, will comprise 52 generously-sized, two- and three-bedroom apartments across an 11-level building crafted by <a href="https://www.urban.com.au/architects/sjb-architects">SJB</a>, with interiors by <a href="https://www.urban.com.au/architects/hecker-guthrie">Hecker Guthrie</a>.

Construction is well underway, with significant progress made across the basement levels. Two tower cranes are now in operation, forming a visible part of Richmond skyline and supporting the vertical build as the structural core begins to rise above the hoarding.

The project is being delivered by <a href="https://www.urban.com.au/builders/hacer-group">Hacer Group</a>, a well-established local construction firm with a track record of delivering&nbsp;several high-quality apartment developments like Victoria Hill in Camberwell and Como Terraces in South Yarra.

[smartcode_project:default project_id=13181 project_image_fid=341429]

Carmine House has been designed to reflect Richmond’s industrial character, immediately obvious from its striking facade, which combines red brick, concrete, and glass.

The interiors are defined by natural materials, mirrored cabinetry, and accents of heritage green, while large balconies frame uninterrupted views of the CBD skyline.

[smartcode_project:default project_id=13181 project_image_fid=341427]

Kitchens are anchored by a wide stone island bench, creating another dining and entertaining space. The kitchens are fitted with high-end V-Zug appliances.

Every apartment features a main bedroom with built-in robes and an ensuite with a separate shower and bathtub, finished with the finest marble and floor-to-ceiling tiles.

[smartcode_project:default project_id=13181 project_image_fid=341430]

Fortis has prioritized creating a resident community within Carmine House, with several opportunities for neighbours to gather outside of their apartments, yet still in the comfort of their own building.

The amenities have been strategically positioned on the roof to take advantage of the sweeping views across Melbourne.

[smartcode_project:default project_id=13181 project_image_fid=341436]

The rooftop, surrounded by extensive landscaping by ACRE, will feature an outdoor picnic lawn, BBQ, pizza oven, and bookable private dining and events spaces.

Completing the roof will be another indoor kitchen, part of a bookable private dining and entertaining space.

[smartcode_project:default project_id=13181 project_image_fid=341437]

Carmine House is one of two residential offerings as part of a wider mixed-use precinct, Richmond Square, that will also include 4,000 sqm of premium strata office space across two podium levels, located beneath the residences.

The second residential building, Wiltshire House, has already achieved over 50 per cent in sales and features a collection of one-, two-, and three-bedroom residences. Also designed SJB with landscaping by Acre, Wiltshire House offers refined, functional living complemented by a suite of high-quality amenities, including a rooftop dining area and a dedicated health and wellness zone complete with sauna, located within the podium below.

At the heart of Richmond Square, a thoughtfully curated retail and dining precinct will provide residents and locals with a dynamic community hub

&nbsp;

Enhancing this convenience, Carmine House is positioned just 200 meters from the nearest café and within easy walking distance of Swan Street’s lively mix of restaurants, bars, and boutique retailers

Excellent public transport links, including nearby train stations and multiple tram stops, further connect residents to the broader Melbourne CBD and beyond.

Excellent public transport links, including nearby train stations and multiple tram stops, further connect residents to the broader&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic">Melbourne</a>&nbsp;CBD and beyond.

Hacer is forecasting a late 2026 completion of Carmine House. Buyers can save thousands by purchasing before the end of October. In October 2024, the VIC Government announced it would abolish stamp duty for new and off the plan apartment buyers until October 30, 2025.

[smartcode_project_cta:default project_id=13181]

Fortis kicks off construction at Carmine House, Richmond's newest apartment development

Sekisui House Australia has released the first images inside what will be the final tower in their $1.1 billion West End masterplanned community.

<a href="https://www.urban.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end">Callista on Park</a>&nbsp;is the final release within Brisbane’s iconic West Village - a village <a href="https://www.urban.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> has been developing for the best part of a decade.

It's the most high-end tower to date. The&nbsp;14-level building, designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, introduces a new standard of apartment living to the neighbourhood, with premium finishes and fittings, rooftop amenities, and direct access to Brisbane’s most vibrant cultural and culinary scenes.

[smartcode_project:default project_id=134800 project_image_fid=341715]

The apartments will feature natural materials and engineered timber flooring. Expansive living areas, framed by full-height glass and generous balconies, bring in an abundance of natural light and parkland or city views.&nbsp;

Kitchens are fitted with top-of-the-range appliances, bespoke cabinetry, and stone benchtops. Residents can choose from light or dark interior palettes and will enjoy 2.7-metre ceilings, loop-pile carpets in bedrooms, soundproof windows, and ducted and zoned air conditioning.

[smartcode_project:default project_id=134800 project_image_fid=341713]

One of Callista’s most compelling features is its rooftop retreat—a reimagined communal space designed for both relaxation and connection.&nbsp;

Panoramic views of the Brisbane CBD stretch across a rooftop garden outfitted with extensive landscaping, cabanas, and pockets of wildflowers.&nbsp;

The rooftop also boasts a swimming pool and spa, two undercover BBQ areas, a private dining room with a chef-grade kitchen, and a residents’ lounge, making it a perfect venue for both intimate gatherings and larger celebrations.

[smartcode_project:default project_id=134800 project_image_fid=341716]

Living at Callista on Park also means having <a href="https://www.urban.com.au/developments/west-end-qld-4101">West End</a>’s dynamic lifestyle offerings within arm’s reach. With a Walk Score of 99/100, residents are surrounded by over 35 boutique retailers, dining venues, and wellness services.

The cultural richness of the Metro Arts Precinct and the proximity to South Bank’s performing arts and gallery spaces further elevate the lifestyle on offer.

Educational institutions, medical facilities, and multiple transport options—bus, train, and CityCat—ensure seamless connectivity to the rest of Brisbane. Meanwhile, expansive parklands and riverside walks promise tranquility just steps away from urban excitement.

The name “Callista,” derived from the Greek word for “most beautiful,” pays tribute to West End’s rich Greek heritage, while "on Park" speaks directly to its coveted location—fronting Mollison Park, a leafy public square known for lively community events like the Brisbane Ice Cream Festival and seasonal markets.

[smartcode_project:default project_id=134800 project_image_fid=330244]

Over the past nine years, Sekisui House Australia has reimagined the historic Peters Ice Cream Factory site into West Village.&nbsp;

With nearly 60 accolades to its name, including the prestigious ULI APAC Award for Excellence in 2022, the precinct is now nearing completion, culminating in the launch of Callista on Park.

Three and four-bedroom residences at Callista on Park are now selling, with prices starting from just over $2.6 million.

[smartcode_project_cta:default project_id=134800]

Three and four-bedroom residences at Callista on Park are now selling, with prices starting from $2.6 million.

First look inside West Village's crowning glory, Callista on Park

The NSW Government is steadily releasing new projects that are being declared as&nbsp;State Significant Development following recommendations from the Housing Delivery Authority (HDA).

There are a mix of regional and Sydney Metro projects which are being released every few weeks.

The early April update was for 20 projects.

The most notable was for the redevelopment of&nbsp;203-225 Victoria Street, Potts Point, home of the Potts Point Holiday Inn since 1985 and next door to the iconic Kings Cross Hotel.

The brief update from the Ministerial Order was for "the purpose of mixed-use development comprising commercial premises, tourist and visitor accommodation and residential accommodation with provision of affordable housing."

The Holiday Inn has been owned by property funds management giant Salter Brothers since 2023 when they acquired the hotel portfolio from IHG Hotels.

It was reported at the end of last year that Salter could list its $2 billion hotel portfolio on the ASX.

It would be another mixed-use development in the entry to Potts Point following the completion of Omnia, the luxury 20-level glass tower with 135 apartments, in 2018.

The most recent update from the NSW Government was just a few days ago when they added another 14 projects to the list, nine&nbsp;in metropolitan Sydney and five in regional NSW. If lodged and approved, the projects could create more than 4,200 homes across New South Wales.

The recent tranche of projects includes a 63-unit development at 307-315 Parramatta Road in Leichhardt.&nbsp;

Three projects are in Chatswood;&nbsp;12-14 Malvern Avenue, 5-7 Havilah St, Chatswood, and 815 Pacific Highway, Chatswood.

The new Castle Hill apartment development by UAE-based property giant Arada has been fast-tracked. Arada has signalled a $2.5 billion commitment to Sydney housing, with ambitions to add 2,500 dwellings across the region.

Their Castle Hill project, across Carrington Road, Middleton Avenue, Fishburn Crescent and Sexton Avenue, will have around 350 apartments designed by Woods Bagot.

Among new projects from Ryde to Wollongong is Woolworths' Neutral Bay mixed-use development at&nbsp;<a href="https://www.theurbandeveloper.com/articles/fabcot-north-shore-shoptop-neutral-bay-nsw">1-7 Rangers Road &amp; 50 Yeo Street</a>.

<img alt="Neutral Bay" data-entity-type="file" data-entity-uuid="64cefcb2-3dde-4889-9f50-9287129eded2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-04-23%20at%2011.12.53%E2%80%AFAM.png?VersionId=0ULgIC775B8KpKQn40wYxJiwRUAvX6_p" />

Despite North Sydney Council's objections, the Sydney North Regional Planning Panel granted gateway approval, noting the proposal’s alignment with strategic housing goals.&nbsp;

The mixed-use development, anchored by a full-line Woolworths, will have 90 one, two and three-bedroom apartments, ground-level retail, and 2,420 sqm of office space.

To date, 78 proposals amounting to more than 32,100 potential homes have been declared state significant. Since the formation of the HDA, 15 projects have had Secretary Environmental Assessment Requirements issued. Recommendations from the HDA are published as required under the Environmental Planning and Assessment Act 1979 before the SSD declaration.

This is all part of the Minns Government’s plan to build a better NSW with more homes and services, so young people, families and key local workers have somewhere to live and in the communities they choose.

Potts Point Holiday Inn part of new State Significant Developments revealed by the NSW Gov

Sydney-based P&amp;N Sleiman Group is the latest developer to descend on the booming Sunset Boulevard riverfront in Surfers Paradise.

<a href="https://www.urban.com.au/builders/pn-sleiman-group">P&amp;N Sleiman Group</a>, who was recently approved for a trio of towers in Burwood in Sydney's west, has filed for a 29-level tower at 52 Sunset Boulevard, one of four new towers to be submitted on the street in the last 12 months.

They're proposing 62 apartments, above four levels of basement parking.

<img alt="52 Sunset Boulevarde pool" data-entity-type="file" data-entity-uuid="16e27978-c828-46f1-bed5-aaa554c23ed3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/52%20Sunset%20Boulevarde%20pool.png?VersionId=HnIMUQbncxNaSzDKB1hZ8_eWlWsVjrmS" />

The apartment mix features two, three, and four-bedroom configurations, as well as two double-level penthouses, each boasting private rooftop terraces with plunge pools.

There will be a gym, lounge, barbecue area, and infinity-edge pool on the third level for residents.

DBI designed the tower with a&nbsp;recessed central core and soft material palette, which they say "creates a building that is as elegant as it is bold." They said it would have a "refined presence on a street that’s quickly becoming a showcase for architectural ambition."

<img alt="52 Sunset Boulevarde rooftop" data-entity-type="file" data-entity-uuid="a80efc7b-284b-4ed2-8723-ea197e7fa9f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/52%20Sunset%20Boulevarde%20rooftop.png?VersionId=WjcRmRfYuuGzOkqfcnheBCvSQ6L8qazF" />

Sunset Boulevard has been in vogue since Roy Skaf's Macquarie York filed, and secured approval, for Sunset Residences, next door to the new plans at 50 Sunset Boulevard. Sunset Residences will have 43 apartments across a 17-level tower.

Another Sydney-based developer, YHY Group, filed plans a few doors down for a 33-level tower with 74 apartments, one being the&nbsp;<a href="https://www.urban.com.au/news/qld/first-look-the-gold-coasts-largest-penthouse-pitched-for-new-surfers-paradise-tower">Gold Coast's largest ever penthouse</a>. That's across a triple site combining 56, 58 and 60 Sunset Boulevard.

A private developer also has plans with the Gold Coast City Council for a 17-level, 30-unit tower at <a href="https://www.urban.com.au/new-apartments/15-sunset-boulevard-surfers-paradise">15 Sunset Boulevard</a>, just two apartments per floor.

APM's Sydney's 215 auction results show a 73% clearance rate

Property Observer

Editor's Picks

Developments

New apartments

New townhouses

News