Graya wins approval for $160m Coral, Palm Beach (Gold Coast)

The site is the product of two purchases. Graya first paid $23.5 million for an 814 sqm double block that realestate.com.au says was formerly owned by media heir Ryan Stokes. It then paid $12 million for a 411 sqm beach home next door, which the outlet says belonged to a member of the Dreamworld family. The report puts the total outlay at $35.5 million for a combined 1,225 sqm site with 36 metres of beachfront.

Palm Beach is also the setting of the La Belle penthouse sale, reported on 11 November 2026.

Graya co-director Rob Gray told the outlet: “Sites like this are almost impossible to replicate.”

The numbers

• Project cost: $160 million, per realestate.com.au.
• Land: $23.5 million plus $12 million, $35.5 million in total, on 1,225 sqm.
• Residences: 16 across nine levels. The outlet says Graya kept the count at 16 after enlarging the site rather than adding apartments.
• Pricing: half-floor apartments and level-two apartments start from $7.8 million. Early negotiations on the penthouse are under way, the outlet says.
• Interest: Mr Gray is reported as citing 450 inquiries and a large waitlist.
• Amenities: the outlet lists a rooftop terrace for residents, with a pool facing the ocean plus a spa, gym, sauna and cold plunge.

Every figure here comes from realestate.com.au alone.

What’s next

According to the outlet, the original plans were withdrawn and redesigned within five weeks of the second land purchase, and demolition was completed the week before the 10 November report. Completion is expected in December 2028.

Mr Gray also told the outlet that entry-level stock will be harder going with interest rates, while he sees little change for good real estate. The report puts Graya’s Queensland pipeline at more than $3.5 billion.

The report gives no approval conditions or decision date.