GRAYA has lodged a development application for Coral, a $100 million luxury beachfront tower at 39-41 Jefferson Lane, Palm Beach, designed by Koichi Takada Architects.
The nine-level proposal delivers up to 12 residences across an 814sqm absolute beachfront double block. No road. No foreshore reserve. Direct sand access from the building.
It is one of the most significant residential sites left on the open Gold Coast coastline, and it has attracted one of the country’s most in-demand architects.
GRAYA acquired the site in March 2026 from Seven Group Holdings managing director Ryan Stokes for $23.5 million.
Stokes had quietly assembled the two blocks from 2016 onwards for a combined $8 million, then secured approval in late 2021 for a Modulus Architecture-designed scheme branded “Akuna”. The project never launched.
The $23.5 million sale equates to $28,869 per square metre, a new benchmark rate for Palm Beach and a figure that positions Jefferson Lane alongside the Gold Coast’s most tightly held beachfront precincts.
Koichi Takada Architects is no stranger to the Gold Coast coastline. Norfolk and Luna at Burleigh Heads, both for FORME, helped establish the firm’s organic design language in Queensland.
But Coral marks the first time Takada has worked on an absolute beachfront site. No dune. No reserve. Just sand to slab.
“Jefferson Lane is one of those rare sites where the environment does the work. Our role is to design a building that belongs here. Coral should feel as though it grew from this landscape, not as though it was placed on it.”
Koichi Takada, Founder, Koichi Takada Architects
The appointment extends an existing relationship. Takada is also designing GRAYA’s recently approved Pavilion on James Street, Fortitude Valley, a mixed-use retail and commercial landmark in Brisbane’s lifestyle precinct.
Up to 12 apartments across nine levels. Every residence with direct ocean frontage. Pricing is expected to start at $5 million and extend beyond $10 million.
The brief is full-floor, or close to it. Proportions, privacy and the scale of a private home, stacked vertically on the sand.
A staged release strategy will be confirmed in coming months, with priority going to registered buyers ahead of any public campaign.
GRAYA already has form on the strip. Kloud, its 23-apartment debut at 152 Jefferson Lane, sold out in December 2024 for $77.6 million, including a $9.1 million penthouse that traded during construction to tennis champion Ash Barty.
“Kloud proved the depth of demand for premium product on Jefferson Lane. Coral takes everything we learned and applies it to a finer site, a more refined product and an architect whose vision matches the ambition of the position.”
Andrew Gray, Co-Founder and Director, GRAYA
Coral occupies a larger parcel than Kloud, with absolute frontage rather than a buffer to the sand. The step-up in price point, architect and position is deliberate.
Project Rundown
| Development Parameter | Proposed Development |
| Address | 39-41 Jefferson Lane, Palm Beach QLD 4221 |
| Development Type | Luxury residential apartments |
| Site Area | 814m² (double beachfront block) |
| Height | 9 levels |
| Apartments | Up to 12 |
| Frontage | Absolute ocean frontage, direct sand access |
| Price Range | $5M to $10M+ |
| End Value | ~$100M |
| Developer | GRAYA |
| Architect | Koichi Takada Architects |
| Builder | GRAYA |
| Acquisition | $23.5M from Ryan Stokes, March 2026 ($28,869/sqm) |
| Date Submitted | April 2026 |
| DA Application Link | To be updated once available on Gold Coast PD Online |
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