Joel Parkinson cashes in on Rainbow Bay apartment sale
Joel Parkinson has turned a $6.85 million apartment purchase into a $15.36m sale, six years on.
The surfing champion and his wife Monica sold their 524 square metre full-floor apartment at S&S Projects’ Flow Residences to another owner in the building who wanted more space.
The couple bought it off-the-plan in 2020.
Following the on-sale they have bought a 241 sqm half-floor unit on level eight of the building – outlaying $5.25m.
Pezet Matheson’s Kerry Pezet was the agent.
“It was the perfect match for two families whose lives had changed,” she said.
“Neither of them wanted to leave Flow,” according to the executive.
“Joel and Monica wanted less space and the family in 801 needed more…instead of either of them going to market, we swapped them within the building,” she added.
The sale price compares with $7.4m achieved in April for an identical-sized apartment one floor below, the agent said.
That apartment, on the 22nd floor, reportedly sold for $3.27m in 2020.
Profitable onsales
Flow was the first of S&S Projects’ residential developments in Rainbow Bay, where the company has since completed Awaken and Esprit and is building Radia (continues below).
The developer, founded Paul Mr Gedoun, has put its development pipeline in the precinct at more than $1 billion, spanning completed projects, construction and proposed development.
Also a surfer, the builder said Mr Parkinson was among the first buyers to back the project.
“When we started Flow, we wanted to create something for people who genuinely live the Snapper Rocks lifestyle, and Joel was one of the first to believe in that,” Mr Gedoun said.
“To see him and Monica achieve this result, and choose to stay, says everything about the community we’ve built here,” he added.
“With Flow and Awaken, Rainbow Bay has become one of the most exclusive beachfront precincts in the country. People come for the views and the break, and they stay because there’s nothing else like it,” according to the executive.
S&S Projects is also building Radia, a 38-apartment development at Rainbow Bay, scheduled for completion in 2027.
In April, the developer paid $20.25m for three adjoining properties at 209-213 Boundary Street, Coolangatta, consolidating a 1518 sqm site for its fifth local project.
Plans lodged in June are for 88 apartments – making it the developer’s largest project in the precinct to date.
Rainbow Bay is about 25 kilometres south of Surfers Paradise.
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