Australian world surfing champion Joel Parkinson has barrelled his way to a “perfect 10” in a stunning Gold Coast property deal, just six years after staking his faith in developer Paul Gedoun’s vision for Rainbow Bay with Flow Residences, the first in a series of luxury residential offerings by S&S Projects in the southern beachside suburb.
Mr Parkinson and his wife Monica have pocketed more than $10 million in a property swap where the celebrity couple downsized from a full-floor apartment bought off the plan in 2020 to a half-floor apartment in the boutique tower.
The Parkinsons, who paid $6,845,389 for the 524sqm apartment, have just sold their Flow home for $15.359 million to an existing owner in the building who was looking to upsize.
“It was the perfect match for two families whose lives had changed,” said Kerry Pezet of Pezet Matheson, who put the deal together.
“Neither of them wanted to leave Flow.
“Joel and Monica wanted less space and the family in 801 needed more. Instead of either of them going to market, we swapped them within the building.”
As part of the deal, the Parkinsons bought the buyer’s 241sqm half-floor apartment on level eight for $5.25 million. The net result for the couple was $10.1 million in cash, plus a new home in the same building.
The deal is even sweeter given that in April Ms Pezet sold an identical apartment one floor below for $7.4 million.
“Contacts, databases and strong relationships are key to effectively executing in any market,” Ms Pezet said.
“S&S Projects have developed a collection of high-quality owner occupier apartments concentrated in Rainbow Bay with Flow being one of the jewels in the crown, as it’s beyond tightly held. Owners simply don’t sell, so when circumstances change, the only answer is to find a solution inside the building.”
When Flow launched in June 2020, Pezet Matheson sold out the project in just over three months. It went on to become Australia’s fastest-selling beachfront apartment project, with $74 million in sales achieved while the Gold Coast was only weeks out of Covid lockdown.
Mr Gedoun, a keen surfer, said the Parkinson deal proved the long-term value of building for owner-occupiers rather than investors.
“When we started Flow, we wanted to create something for people who genuinely live the Snapper Rocks lifestyle, and Joel was one of the first to believe in that,” Mr Gedoun said.
“To see him and Monica achieve this result, and choose to stay, says everything about the community we’ve built here.
“With Flow and Awaken, Rainbow Bay has become one of the most exclusive beachfront precincts in the country. People come for the views and the break, and they stay because there’s nothing else like it.”
The Parkinson deal comes as S&S Projects pushes its investment at Rainbow Bay past $1 billion, including its newest project which is still under wraps that will bring the company’s total to five developments in the sought-after precinct over the past six years.
After selling out Flow and Awaken, the company completed Esprit earlier this year and has Radia under construction. The $250 million Radia, with 38 apartments, is currently the company’s flagship development at Rainbow Bay and is due for completion in 2027.
Earlier this year, S&S Projects paid $20.2 million for its fifth Rainbow Bay site totalling 1,527sqm at 209-213 Boundary Street, Coolangatta.
It will be the company’s largest project to date comprising 88 luxury apartments built around a wellness lifestyle, with a rooftop garden, resort-style pool, ice and hot plunges, steam rooms and saunas.
“We have been unflinching in our commitment to Rainbow Bay and the transformation we have helped drive in this incredible part of the Gold Coast,” Mr Gedoun said.
“We’re especially proud that many of our buyers are so enamoured with the living spaces we have created that they don’t want to leave.”
Flow Residences living room and balcony view. Tanika Blair Photography