5Point Given Green Light For Faro
WORDS: Ocean Road Magazine Editorial Staff PHOTOGRAPHY Supplied
5POINT PROJECTS GIVEN THE GREEN LIGHT FOR LUXURIOUS $80 MILLION FARO
Queensland builder-developer 5Point Projects is set to embark on its second luxury beachside apartment project in recent months with modified plans for a unique Broadbeach apartment project ratified by the Gold Coast City Council.
5Point Projects, founded and led by Damian Dove, has teamed up with Brisbane’s Bottega Group to deliver Faro, a $80 million vertical village of luxurious beachside residences on a prime site at 123 Old Burleigh Road in Broadbeach.
The plans for Faro come on the heels of 5Point recently progressing plans for Ophira, a $60 million boutique luxury development along the beachfront at Jefferson Lane in Palm Beach.
5Point Projects has worked up new plans for the Broadbeach site after proposing a joint-venture partnership with Bottega Group which secured the site in 2020.
The partners have modified Bottega’s previous proposal in order to meet demand for premium residences in one of the Gold Coast’s most in-demand coastal suburbs.
“Faro has been reimagined to provide a refined collection of residences that appeal to the owner-occupier market,” said Mr Dove.
“Working again with the talented team at award-winning architectural design firm Plus Architecture, we are very excited to deliver this stunning project to the market.
“From spacious interiors, superior inclusions and resident’s amenities, Faro will be the benchmark for relaxed coastal living in Broadbeach.”
Featuring a modern, sculptured exterior, Faro Broadbeach will rise 21 levels to deliver 11 full-floor sky home apartments, three by two-level sub-penthouses and a stunning three-level penthouse.
Each of the full-floor sky home apartments will feature three bedrooms (each with ocean views), three bathrooms and open-plan living areas that are enhanced by a large ocean-facing balcony.
The penthouse and sub-penthouses each will comprise five bedrooms and five bathrooms, offering spacious living areas that include a separate dining area and home cinema.
The guest’s suite is located on the first level, while the second level will host four bedrooms plus home office, including the expansive ocean-facing master bedroom with its own balcony positioned to take in spectacular coastal views.
The penthouse will be complemented by its own rooftop entertainment area with a private swimming pool, sundeck, outdoor kitchen, dining area and lounge. All three levels of the penthouse are serviced by a private internal lift.
All Faro residents will enjoy a range of premium on-site amenities on the first-floor recreation terrace including a magnesium pool, private lounges, gymnasium, cabana, outdoor barbecue and entertaining area, sauna, lockers as well as a pet wash and surfboard wash.
The ground floor will have ample bike storage spaces for residents, plus a mail room located in the foyer providing a parcel locker delivery system to handle online orders.
Faro will have three levels of basement parking and an EV fast-charging station in the visitor’s bay.
Faro Broadbeach is positioned within easy reach of Broadbeach’s many open spaces, including Federation Park, Victoria Park and Kurrawa Park, and close to the Oceanway pedestrian and cycling path which spans the central Gold Coast beachfront.
5Point and Bottega Group have appointed project specialist Pezet Matheson to oversee sales at Faro.
“This development has already garnered considerable interest from buyers,” said Pezet Matheson’s Todd Matheson.
“The launch of Faro comes amid a shortage of new projects at Broadbeach.
“With the backing of 5Point Projects as builder and developer, they have secured approvals for the development, and have finance in place.”
Mr Dove confirmed that construction of Faro will commence this month with completion scheduled for October 2025.
5Point Projects is a design-led award-winning builder-developer that has successfully completed multiple premium projects on the Gold Coast and in Brisbane over the past eight years.
Dove, who founded and leads the company, has extensive experience in Tier 1 and ASX-200 listed companies delivering major projects across Australia for more than two decades prior to establishing 5Point Projects.