National Australia Bank has provided funding for Palmera Tower. The tower is a $1 billion, 52-level luxury residential tower being developed by Melbourne-based Central Equity on the Gold Coast. The funding comes in as the project has been 20 years in the making gets under way. The residential apartments projects will join the Royal Gold Coast Tower in redefining luxurious living in Australia.
Moreover, the funding arrangement underpins construction of the 347-apartment tower at Northcliffe on Garfield Terrace in Surfers Paradise. This is where Multiplex has been appointed as builder and is progressing construction on the 3,300sm Garfield Terrace site at Surfers Paradise.
Central Equity and NAB’s Decades-Long Partnership
According to Central Equity, the latest funding from NAB extends a decades-long association. This is since the bank first backed the Melbourne developer in the late 1980s with a $36 million loan for one of the Victorian capital’s earliest inner-city residential towers.
“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” stated Central Equity founder and chairman Eddie Kutner.
“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”
Central Equity’s Portfolio
Central Equity which was established in 1987, has delivered over 85 residential developments. These developments have a combined end value exceeding $8 billion.
Palmera stands as the company’s largest single project. Additionally, it is a significant commitment to its development debut in the Gold Coast market.
Also, The Palmera site has a stop-start history stretching back nearly two decades.
Central Equity has owned the Garfield Terrace land since 2007. This was when it acquired the site with plans for a project called Luxe Private Residences that was ultimately killed by the global financial crisis. A subsequent 47-level proposal called The Luxe also failed to proceed.
Moreover, in 2021 Central Equity lodged plans for Pacific One, a $500 million, 58-level tower with 389 apartments, but scrapped that project in July 2022 after construction cost blowouts made the development unviable at the time.
Palmera is now rising in its place, scaled to 52 levels but carrying a price tag double that of the abandoned Pacific One scheme, reflecting both the repositioning of the project toward the luxury end of the market and broader cost escalation across the construction sector.
How Much Does Apartments Cost at Palmera Towers
Apartments in the project are currently priced from $3.5 million to $5.8 million.
Additionally, positioned in the tightly held Northcliffe precinct of Surfers Paradise, the tower is targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.
Designer
Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.
Kutner says Central Equity has valued the ongoing support of the National Australia Bank for almost four decades of developments in Victoria. Additionally, the bank is playing an important part of Central Equity’s entry into the Gold Coast residential market.
Project Factsheet
Project Name: Palmera Residences
Developer: Central Equity
Builder: Multiplex (marking their 20th project collaboration with Central Equity)
Architect: Marchese Partners
Interior Design: DBI Interiors
Construction Finance: National Australia Bank (NAB)
Site Area: 3,300 sqm (approx. 3,239 sqm)
Building Height: 178 meters
Total Levels: 52 floors (anchored by a sculptural 6-level podium)
Total Residences: 347 luxury apartments
Configuration: Primarily premium 3 and 4-bedroom configurations, skyhomes, and penthouses
Price Point Guide: Early opportunities from $3.5M to $8.7M+
Estimated Completion: Mid-to-late 2029 (Construction currently underway)
Leave a Reply