World surfing champion Joel Parkinson and his wife Monica have made a $10.1 million profit by swapping their full-floor apartment at Flow Residences on the Gold Coast for a smaller unit in the same building. This strategic move not only highlights their financial acumen but also shows the unique trends of tightly held luxury developments.
The couple sold their 524-square-meter apartment for $15.359 million, six years after buying it off-plan for $6,845,389 in 2020. They then purchased a 241-square-meter half-floor apartment on level eight for $5.25 million. This downsizing allowed them to remain within the coveted community while unlocking significant value from their original investment.
A perfect match
Agent Kerry Pezet of Pezet Matheson brokered the off-market deal by matching the Parkinsons with an existing Flow owner looking for a larger home. “It was the perfect match for two families whose lives had changed,” Ms Pezet said. Her ability to leverage a strong buyer database and support relationships within the building was key in facilitating this transaction without either party needing to go to market.
“Neither of them wanted to leave Flow. 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.” This approach not only preserved the community’s integrity but also demonstrated the value of internal solutions in tightly held developments.
This arrangement highlights the value of established relationships and buyer databases in securing off-market transactions, especially in tightly held developments where owners rarely sell. Ms Pezet emphasized, “Contacts, databases, and strong relationships are key to effectively executing in any market.”
The deal also reflects the strong demand within the boutique development. In April, Ms Pezet sold an identical half-floor apartment one level below the Parkinsons’ new residence for $7.4 million. This sale further shows the desirability of Flow Residences and the premium placed on its exclusive lifestyle.
A community for owner-occupiers
Flow Residences, developed by Paul Gedoun’s S&S Projects, launched in June 2020 and sold out in just over three months, achieving $74 million in sales. It became Australia’s fastest-selling beachfront apartment project, according to the developer. This success was driven by its focus on owner-occupiers who value the Snapper Rocks lifestyle.
S&S Projects continues to expand its presence in Rainbow Bay, with investments exceeding $1 billion across five developments over six years. Following the sell-out of Flow and Awaken, the developer completed Esprit earlier this year and is progressing construction of its $250 million Radia project, scheduled for completion in 2027. Radia will comprise 38 apartments, further solidifying S&S Projects’ commitment to the area.
