NEWS & MEDIA
NALU BY MONACO SEEN IN
A buyer has paid a staggering $32m for a penthouse on the Gold Coast that’s not even built, smashing Queensland’s apartment record.
The sale, in the $500m Nalu development in Miami, trumps the previous record set earlier this year in Burleigh Heads by $2m.
The landmark transaction follows a $26.25m sale of a second Nalu penthouse, with both homes bought by local families.
It follows a bumpy year for the property market with a fifth interest rate rise this week, controversial tax changes, and falling homes values.
“Buyers are certainly more discerning in the current market, but these transactions reinforce that confidence remains exceptionally strong for properties offering genuine scarcity, quality and long-term value,” said Kollosche selling principal Michael Kollosche, who is marketing Nalu.
“The market hasn’t lost its appetite for quality.
“Buyers are simply becoming more selective about where they place their money.”
Developed by Monaco Property Group, Nalu includes 44 residences on a 7,238 sqm parcel at 122-130 Marine Pde, formerly a retro 1970s resort owned by Moose Toys titan Paul Solomon.
The executive chairman and stepson of Moose Toys owner and billionaire Manny Sul, had renovated the original building and renamed it Nalu — Hawaiian for “wave” — before offloading the mega-site to the Monaco Property Group in 2024 for a whopping $70m.
The record-setting $32m “ultra penthouse” spans 1,466 sqm across the fifth and sixth levels.
The five-bedroom home includes seven bathrooms, six car spaces, a cinema, gym with infra-red sauna, office, rumpus room, wine cellar, bar and separate catering kitchen with cool room.
A private lift connects to the rooftop with a pool, and hot and cold plunge pools.
The second penthouse, secured for $26.25m, has 1,063sq m of living and entertaining space, with five ensuited bedrooms, multiple living areas, a cinema, office, wine cellar, and a rooftop with a pool, and hot and cold plunge pools.
“These buyers aren’t looking to downsize their lifestyle,” Mr Kollosche said.
“They want the convenience of being able to lock up and leave, while retaining the space to accommodate family, entertain friends and enjoy world-class facilities.”
His comments were reinforced by property analyst Michael Matusik who said the Gold Coast had changed as a destination for luxury downsizers.
“Demand for premium housing continues to broaden on the Gold Coast,” he said.
“Wealthy downsizers, mature families, interstate migrants and overseas buyers are increasingly seeking larger, well-appointed residences in desirable lifestyle locations.”
It comes months after another beachfront penthouse deal was inked in Burleigh, understood to be worth up to $35m — the transaction hinges on council approval to add a custom pop-top level.
The latest Nalu penthouse transactions follow three further sales at Nalu ranging from $13.25m to $14.5m.
Construction on Nalu started last month with completion expected in late 2028.
View Publication
A $500 million Gold Coast development on the beachfront promises apartment living with the scale of a private home – and a $30 million penthouse to match.
The landmark residential development Nalu by Monaco Property Group includes 44 residences across a 7238sq m site at the base of the iconic Nobby’s headland in Miami Beach.
Early works have started on Monaco Property Group’s Nalu by Monaco, where prices for the 44 apartments start at $6.95 million. The six-bedroom penthouse is priced above $30 million.
Nalu’s iconic site has 80m of beach frontage with house-like private residences, huge outdoor living areas and more than 3000sq m of resident-only amenities.
The project is the vision of Monaco Property Group co-founders Jonathan Grasso and Jay McPhee, with architecture by BDA Architecture, interiors by Tom Mark Henry and landscape design by LDG Landscape Architecture.
Monaco Property Group paid $70 million in 2024 for the site.
“This is a project we want to stand the test of time,” Mr Grasso said.
“Every decision, from the scale and architecture to the landscaping, wellness and amenity, has been considered around how people will live here, both now and well into the future.
“The scale and rarity of the site presented an opportunity to do something not seen before – to create a more boutique collection of larger beachfront residences, with greater privacy, more generous amenity and an uncompromising focus on quality.
“Nobby’s Outlook is part of the Gold Coast’s history. We recognise the responsibility that comes with this location and want Nalu to make an enduring contribution to it.”
Michael Kollosche, principal of the project’s sales and marketing agency, Kollosche, said Nalu was designed for buyers seeking the convenience of apartment living while retaining the qualities they valued in a substantial home.
“People moving from large beachfront and waterfront homes are accustomed to space, privacy and the ability to entertain family and friends comfortably,” Mr Kollosche said. “They want less maintenance without compromising on how they live.
“That was central to the thinking behind Nalu — generous residences, substantial outdoor spaces and an amenity offering that makes the move feel like an improvement in lifestyle.”
Mr Kollosche said inquiry included owners of nearby Hedges Ave and Albatross Ave beachfront homes, alongside buyers from Brisbane, Sydney, Melbourne and New Zealand.
Residences range from 237sq m through to the largest homes exceeding 1,400sq m, with layouts designed to accommodate everyday living, entertaining and visiting family. Resident amenities include a world-class bathhouse and wellness offering, incorporating a thermal mineral pool, two cold plunges, snow room, sauna, steam room and red-light therapy suite. There will also be a Technogym-equipped gymnasium, reformer pilates and yoga studio, alongside two resort-style swimming pools.
Prices start from $6.95 million, while the pinnacle of the collection is a six-bedroom ultra-penthouse, with pricing exceeding $30 million.
Construction has already started on site, with G & H Civil appointed to undertake early works. Nalu will be delivered through Monaco Property Group’s construction arm, which is set to be EastBuild Partners, and will be supported by project and construction managers, Eastview.
Originally published as Construction begins on $500m Nalu luxury development at Miami on Gold Coast.
View Publication
Three buyers have spent a combined $41.25 million securing beachfront apartments at Monaco Property Group's $500 million NALU development in Miami, as the upper end of the Gold Coast apartment market continues to attract significant spending.
The largest of the three transactions was a $14.5 million sale of a ground-floor, three-bedroom apartment with 300 sqm of internal living space, a 274 sqm private terrace, swimming pool and an enclosed four-car garage.
Two further apartments on level three, each spanning 381 sqm and offering uninterrupted ocean views, sold for $13.5 million and $13.25 million.
Both feature three bedrooms with ensuites, separate media rooms, studies, butler's pantries and temperature-controlled wine cellars.
The sales come as buyers at the top end of the market become increasingly selective, according to Michael Kollosche, principal of the project's exclusive sales agency, Kollosche.
"There is no question that buyers are exercising a level of caution in the current economic environment, but what we're seeing at NALU is that confidence remains exceptionally strong for the right product," Kollosche said.
"Buyers are becoming increasingly discerning. They're taking more time to assess value, quality and long-term fundamentals, but when they identify something exceptional that cannot easily be replicated, they're prepared to act decisively."
The three transactions average $13.75 million, putting them among the more significant recent off-the-plan sales on the Gold Coast.
They also reflect a continuing trend at the upper end of the apartment market, where developers are increasingly designing larger residences for buyers coming out of substantial waterfront homes rather than traditional apartment purchasers.
At NALU, Monaco Property Group is delivering just 44 apartments on a 7,238 sqm beachfront site at the base of Nobby's headland.
The developer acquired the land for $70 million in 2024, securing a holding with approximately 80 metres of direct beachfront frontage and access from three streets.
The scale of the site has allowed Monaco to design apartments ranging from 237 sqm to more than 1,400 sqm, including rooftop residences and a collection of penthouses.
Twelve apartments will feature private rooftop terraces with swimming pools, outdoor kitchens and entertaining areas.
Kollosche said many of the buyers considering NALU already owned substantial beachfront or waterfront properties on the Gold Coast.
"One of the most important considerations for buyers moving from large waterfront homes is that they don't want to compromise on space, privacy or their ability to entertain family and friends," he said.
"They want the convenience of apartment living without sacrificing the lifestyle they've become accustomed to."
The sales team is also reporting interest from Brisbane, Sydney, Melbourne and New Zealand, with buyers predominantly seeking long-term homes rather than short-term investments.
Beyond the apartments themselves, more than 3,000 sqm of the development has been allocated to private resident facilities.
These will include two swimming pools and a bathhouse with a thermal mineral pool, cold plunges, snow room, sauna, steam room and red-light therapy facilities.
A Technogym-equipped gym, reformer Pilates and yoga studios, private lounge, golf simulator and boardroom are also planned.
BDA Architecture designed the development, with interiors by Tom Mark Henry and landscaping by LDG Landscape Architecture.
Early construction works have commenced, with G&H Civil appointed to undertake the initial works program.
With only 44 apartments in the development, Kollosche said the limited number of available floorplans and beachfront positions was influencing purchasing decisions.
"There are only 44 residences, and we're already seeing buyers miss out on their preferred apartment because someone else has moved more quickly," he said.
View Publication
Sixteen years after a single unit owner blocked Sunland Group’s $40-million bid for a Miami beachfront resort, a $500-million apartment project is under way on the same site.
Early works have started on Monaco Property Group’s Nalu by Monaco, where prices for the 44 apartments start at $6.95 million. The six-bedroom penthouse is priced above $30 million.
The five-storey scheme, approved in October 2025, is on a 7238sq m site at 122 Marine Parade, at the base of the Nobby’s headland. The site has three street frontages and 80m of beach frontage.
Sunland contracted to buy the resort, then known as Nobby’s Outlook, for $40 million in 2010, but the deal collapsed when one unit owner held out. A 2013 court order dissolved the community titles scheme, clearing the way for a sale.
Moose Toys boss Paul Solomon bought the vacant 46-unit complex at auction for $23.75 million in 2017 and renamed it Nalu, before selling to Monaco for $70 million in 2024.
BDA Architecture designed the Nalu project, with interiors by Tom Mark Henry and landscaping by LDG Landscape Architecture.
Residents would share more than 3000sq m of amenity, including a bathhouse with a thermal mineral pool, snow room and sauna, gymnasium, two swimming pools, golf simulator and a boardroom.
Plans lodged in April 2025 had proposed 46 apartments and 2000sq m of communal space.
Kollosche principal Michael Kollosche said that Nobby’s Beach retail and dining precinct being within 450m is a “combination [that] is exceptionally difficult to replicate”.
Site size and location were fundamental to the design, according to Monaco co-founder Jonathan Grasso.
“The scale and rarity of the site presented an opportunity to do something not seen before,” Grasso said.
Kollosche said the project specifically targets downsizers.
“People moving from large beachfront and waterfront homes are accustomed to space, privacy and the ability to entertain family and friends comfortably,” he said. “They want less maintenance without compromising on how they live.”
Enquiry has come from owners on nearby Hedges and Albatross avenues, as well as buyers from Brisbane, Sydney, Melbourne and New Zealand, according to the agency.
G&H Civil is carrying out early civil works with Monaco’s construction arm EastBuild Partners appointed to build.
Eastview is the project and construction manager, with Graham Goldman leading the delivery team.
“This is a project we want to stand the test of time,” Grasso said.
“Nobby’s Outlook is part of the Gold Coast’s history. We recognise the responsibility that comes with this location and want Nalu to make an enduring contribution to it.”
View Publication