World surfing champion Joel Parkinson and his wife Monica have secured a $10.1 million cash windfall after swapping their full-floor Rainbow Bay apartment for a smaller residence in the same luxury beachfront building.
The couple have sold their 524sqm apartment at Flow Residences on the Gold Coast for $15.359 million, six years after purchasing the property off the plan for $6,845,389 in 2020.
Rather than leaving the tightly held development, the Parkinsons purchased a 241sqm half-floor apartment on level eight for $5.25 million, allowing them to downsize while remaining in the building.
The transaction was negotiated by Kerry Pezet of Pezet Matheson, who matched the couple 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.
“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.”
The arrangement delivered the Parkinsons $10.1 million in cash, plus a new home in the same building, highlighting the value of established relationships and buyer databases in securing off-market transactions.
It also reflects the strength of demand within the boutique development, where owners have shown little appetite to sell.
The result comes after Ms Pezet sold an identical half-floor apartment one level below the Parkinsons’ new residence for $7.4 million in April.
“Contacts, databases and strong relationships are key to effectively executing in any market,” Ms Pezet said.
“S&S Projects have developed a collection of high-quality owner occupier apartments concentrated in Rainbow Bay with Flow being one of the jewels in the crown, as it’s beyond tightly held. Owners simply don’t sell, so when circumstances change, the only answer is to find a solution inside the building.”
The Parkinsons were among the early buyers at Flow, which was developed by Paul Gedoun’s S&S Projects and launched in June 2020.
Pezet Matheson sold out the project in just over three months, achieving $74 million in sales while the Gold Coast was only weeks out of Covid lockdown.
The development went on to become Australia’s fastest-selling beachfront apartment project, according to the developer.
Mr Gedoun, himself a keen surfer, said the Parkinsons’ decision to remain in the building demonstrated the appeal of developments designed for owner-occupiers rather than investors.
“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.
The transaction comes as S&S Projects continues to expand its presence in Rainbow Bay, with its investment in the precinct 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. Radia will comprise 38 apartments and is scheduled for completion in 2027.