5Point doubledown in Palm Beach with $15.6 million beachfront acquisition

Currently in the construction phase of their luxury Palm Beach apartment development Ophira, builder-developer 5Point Projects has locked in its next project in the southern Gold Coast.

They're not straying far, staying in Palm Beach, and on the beachfront. They've paid $15.6 million for a double-block of 824 sqm at 171-173 Jefferson Lane, a block that offers 20 metres of absolute beach frontage.

It's only a few doors down from Ophira, where apartments have been selling for an average of $7 million.

Damian Dove, Managing Director of 5Points Projects, said the latest purchase was part of the company’s ongoing belief in Palm Beach as one of the Gold Coast’s prestige beachfront hotspots.

“We are thrilled to be continuing our journey in Palm Beach after the success of Ophira which has captured strong interest from downsizers wanting to live on the beachfront,” Dove said.

“The opportunity to continue building upon the legacy of our past projects and the current Ophira development, and knowing that we will further contribute to the flourishing tapestry of this great community is very exciting”.

Dove said 5Point Projects was currently working up plans for the site but confirmed a boutique luxury apartment project in line with our brand was in the mix.

“We’re working with our architects and planners to create something special for the site and we hope to release these soon."

The next project is expected to launch later this year.

There are only two apartments left in the eight-apartment Ophira. Construction is well underway with basement works now completed. That's expected to be completed in mid-2025.

“We are passionate about creating spaces that resonate with the unique essence of Palm Beach while meeting the evolving needs of modern living”, Dove added.