First published 10 Nov 2026, 4:00am
Coral by Graya has been given the green light
A $160 million beachfront project has been given the green light after an 11th-hour land grab sent high-profile developer Graya back to the drawing board.
The Brisbane-based firm had already splashed $23.5m on an 814 sqm double block formerly owned by billionaire media heir Ryan Stokes before convincing the southern neighbour, a member of the family behind Dreamworld, to part ways with her 411 sqm beach home for a hefty $12m.
The blockbuster amalgamation took Graya’s total outlay to $35.5m and expanded the holding to 1,225 sqm, securing a huge 36m of absolute beach frontage along the coveted Palm Beach stretch.
The project will rise nine levels on the beachfront
Half-floor apartments start from $7.8m
The acquisition sparked a rapid pivot, with original plans withdrawn and redesigned within five weeks to capitalise on the widened footprint.
Announcing development approval for Coral at 37–41 Jefferson Lane, Graya co-director Rob Gray said demolition wrapped up last week, leaving the site cleared for construction to commence.
Rather than packing extra apartments onto the expanded site, Graya kept the project to 16 residences across nine levels, stretching each half-floor apartment to a 14m ocean frontage.
“Sites like this are almost impossible to replicate,” Mr Gray said.
“To have 36 metres of absolute ocean frontage, where you can walk straight from your home onto the sand, is an extraordinary opportunity.”
Designed in collaboration with Koichi Takada Architects, the plans include two ground-level beach houses with private pools and yards, a full-floor penthouse, and a residents’ rooftop terrace with an ocean-view pool, spa, gym, sauna, and cold plunge.
Developers have received hundreds of inquiries from potential buyers
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Prices start at $7.8m for level-two apartments, with early negotiations already underway for the crowning penthouse.
“We’ve had 450 inquiries … the waitlist we have is pretty huge,” Mr Gray said.
“It’s going to be hard for the entry-level stock with interest rates, but at the top end, good real estate is still good real estate. I can’t see much change.”
Graya, whose celebrity buyers include Ash Barty, Mick Fanning, and Cameron Smith, currently holds a Queensland pipeline topping $3.5 billion.
Coral is expected to be completed by December 2028.
It’s been designed to capitalise on the site’s wide beach frontage
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