NAB Funds Central Equity’s $1 Billion, 52-Storey Palmera Tower at Northcliffe

National Australia Bank will fund Palmera, a $1 billion, 52 storey luxury residential tower being developed by Central Equity on one of the Gold Coast’s most tightly held beachfront sites at 18 Garfield Terrace, Surfers Paradise. The site has dual frontage to Frederick Street, sits in the Northcliffe precinct adjacent to the Northcliffe Surf Life Saving Club, and is already under construction with Multiplex as builder.

The deal lands at a time when construction finance for large residential projects has become harder to secure, with lenders trimming their exposure to the apartment sector. Securing a major bank to underwrite a billion dollar tower is itself a signal of confidence in both the developer and the Gold Coast’s prestige end of the market.

Central Equity is one of Victoria’s largest private residential developers. Since its first project the company has delivered more than 85 residential developments with a combined end value exceeding $8 billion, and has housed around 40,000 residents across Melbourne’s CBD and Southbank. Palmera marks a significant step in its move into the Gold Coast luxury market.

The funding also continues a relationship between Central Equity and NAB that stretches back to the late 1980s, when the bank backed one of Melbourne’s earliest inner city residential towers at a time when high rise apartment living in the CBD was largely unproven.

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. 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.

Eddie Kutner, Founder and Chairman, Central Equity

Central Equity spent several years assembling the Palmera site, creating a beachfront supersite of approximately 3,300 square metres with dual frontage to Garfield Terrace and Frederick Street. The developer says the project reflects its long term view of the Gold Coast as a growing and increasingly diversified economy, supported by the light rail network, major road upgrades, expanded education, hospital and medical facilities, and continued expansion at Gold Coast Airport.

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Positioned in the tightly held Northcliffe precinct, the 52 storey tower will rise to approximately 171.4 metres and deliver 347 apartments aimed at buyers seeking a high end coastal lifestyle, from downsizers through to interstate investors. Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next generation offering built around a collection of oversized apartments.

The premium three bedroom residences are oriented to capture sweeping northern views that stretch from Surfers Paradise through to Burleigh Heads. Interiors lean on a soft, neutral coastal palette, with floor to ceiling glazing and generous balconies designed to pull the ocean outlook into the main living spaces.

With Multiplex on site and NAB’s funding in place, Palmera moves from launch into delivery, joining the run of high end towers reshaping the northern end of Surfers Paradise.