McNab breaks ground on Elements apartment tower at Budds Beach
The first development at Budds Beach in more than a decade has commenced construction, with award-winning builder and developer McNab bringing the sculptural 28-level Elements tower to life.
The milestone coincides with new research from the National Property Research Co that shows the Gold Coast will need another 144,000 new dwellings over the next two decades to meet the forecast population growth, set to tip one million residents by 2045.
McNab Executive Chairman Michael McNab said the 28-level Elements would deliver 87 two, three and four-bedroom apartments in the exclusive Budds Beach enclave.
“Budds Beach is incredibly tightly held, with very few properties exchanging hands in the past five years," McNab said.
"Once you see it for yourself, you can understand why. It’s an enclave you would only discover if you lived locally – a pristine riverfront beach, tree-lined streets and village-style cafes, just seven-minutes' walk from the iconic oceanside of Surfers Paradise."
McNab said they've always looked to position their projects in areas loaded with lifestyle and on the cusp of growth.
“Budds Beach delivers on this, and our vision for Elements will soon create a sculptural landmark and new housing supply in an area where there is strong appetite for premium, home-sized apartments.”
As testament to the project’s design and location, both McNab and the company’s CEO, Kunjan Ganatra, have both purchased apartments in Elements.
Designed by Cottee Parker, the $170 million tower, located at 21 Oak Avenue in Surfers Paradise, is scheduled for completion by Q32027.
Director of National Property Research Co Matthew Gross said more projects of this scale needed to break ground on the Gold Coast to meet the extraordinary pace of growth.
“In the next 20 years the Gold Coast’s population is forecast to surpass one million residents, which means another 144,000 new dwellings will need to be delivered to meet that demand,” Gross said
“The supply-demand imbalance has had a significant impact on property values in the city, with the median apartment price increasing 343 per cent since 2000 from $174,900 to its current median price of $795,000 for the first quarter of 2025."
In the past decade, we’ve also seen the number of apartment sales above $2 million grow by 1,600%, from just 33 sales in 2014 to more than 528 sales in 2024, Gross added.
Elements has been progressively released to the market in stages since its formal launch, with more than 65 per cent of apartments in the Azure Collection now sold.
Managing Director of MOTIV, Carly Cottam, said a limited number of two and three-bedroom apartments were available in the Azure Collection at Elements, priced from $1.31 million for a two-bedroom apartment and from $1.75 million for a three-bedroom apartment.
“These apartments are designed for the local market and feature large floor plans, clever storage solutions and impeccable finishes,” Cottam said.
“Soon we will be releasing the Horizon Collection at Elements, which comprises just 10 four-bedroom
plus multipurpose room residences, spanning half a residential level."
Featuring European Oak flooring, natural stone benchtops, and an opulent wine bar complete with integrated wine fridge, Cottam said apartments within the Horizon Collection start from $3.912 million.
The full-floor penthouse at Elements has not yet been released to market. Crowning the top of Elements is a full-floor retreat dedicated to wellness and entertaining, with 360-degree views and extensive resident amenities including a horizon-edge pool, poolside lounge, BBQ and teppanyaki bar, yoga deck, gymnasium, sauna, and hot plunge pool.
The construction milestone at Elements follows the successful delivery of White Main Beach, which was completed by McNab in 2024 and awarded best Apartment Building over $50m by the Queensland Master Builders Assoc.
McNab remains one of the few builders in Queensland to consistently grow their pipeline and deliver projects ahead of schedule — a direct result of the company’s integrated business model, which leverages in-house teams of skilled tradespeople, and produces high-quality building materials, to help overcome industry-wide labour and material shortages.
