Amalgamated Property Group expands Broadbeach apartment pipeline with Surf Parade acquisition

Amalgamated Property Group is continuing to invest in the Broadbeach apartment market, securing another development site as it progresses its second major project in the popular Gold Coast suburb.

Two companies directed by Amalgamated Property Group founder Graham Potts and Base Developments founder Dennis Millin have paid $7.92 million for the El Dorado apartment block at 173-175 Surf Parade.

The original complex comprises just six apartments on a 654 sqm site, around 250 metres from the beach and at the northern end of Surf Parade, one of Broadbeach's most active streets for new apartment development.

The late-1990s building had itself been the subject of an apartment amalgamation several years ago, when its six individual owners sold the property in one line for $4.47 million in 2022. The latest transaction represents a near doubling in value in four years.

No plans have yet been revealed for the site, which had been operating as short-stay accommodation but more recently has had the one- and two-bedroom apartments advertised for rent.

The acquisition however represents the latest show of confidence in Broadbeach from Potts and Millin, who have worked together for more than two decades and are already behind two substantial apartment developments in the suburb.

Their first recent Broadbeach project was Amaya at 30 First Avenue, a 33-level tower comprising 120 two and three-bedroom apartments.

Amaya marked Amalgamated Property Group's return to the Broadbeach market, having previously developed Verve on Old Burleigh Road, and was one of the first projects to establish the developer's latest push into the Gold Coast apartment sector.

Designed by DBI, Amaya was developed around just four apartments per typical level, with larger floorplans targeting the owner-occupier and downsizer market. The tower also incorporated a pool, gym, sauna, steam room, residents' lounge and dining facilities.

The project attracted strong demand throughout construction, with more than 95 per cent of its apartments sold as it approached completion. Amaya has now completed, giving Amalgamated and Base a significant completed project in the heart of Broadbeach.

The joint venture doubled down on the suburb while Amaya was still under construction, acquiring a 1,820 sqm site at 40-46 Chelsea Avenue, around 700 metres away, for what would become Affinity Broadbeach.

Affinity is considerably larger than Amaya, comprising 180 two and three-bedroom apartments across a 39-level glass tower.

Again designed by DBI, the apartments start from around 115 sqm for two-bedroom configurations and 180 sqm for three-bedroom residences, continuing the group's focus on larger apartments aimed predominantly at owner-occupiers.

A significant portion of the Chelsea Avenue site has been retained as open space rather than increasing the building footprint, allowing for an extensively landscaped recreation area with a heated outdoor swimming pool. Other resident amenities include a gym, sauna, yoga spaces, communal lounges and private dining areas.

Construction on Affinity commenced in 2025 through Capital Constructions Queensland, the development partnership's in-house construction arm, with more than half of the apartments sold by the time construction started. Completion is targeted for early 2028.

SRQ Projects is handling sales across both Amaya and Affinity.

The El Dorado purchase gives the partnership a third foothold in Broadbeach and comes as developers continue to compete for the relatively limited number of redevelopment opportunities remaining close to the beach.

Surf Parade in particular has emerged as one of the suburb's major development corridors, running parallel with the coastline and within walking distance of the Broadbeach dining precinct, The Star Gold Coast, Pacific Fair and the Gold Coast Convention and Exhibition Centre.

Hirsch & Faigen is currently delivering The Eveleigh Broadbeach at 7-9 Surf Parade, comprising 94 luxury apartments across a 31-storey tower. At the other end of the street, Polycell made its Gold Coast new apartment debut with The Rochester, a 42-storey tower comprising 182 apartments that is now under construction.