Luxury residential builder-developer Graya has redrawn plans for its first absolute beachfront development on the Gold Coast after a last-minute $12-million swoop on a neighbouring property.

With the 11th-hour acquisition, it has consolidated a triple-block, 1224sq m holding along Jefferson Lane at Palm Beach—at an overall cost of $35.5 million.

“Yeah, $12 million—it’s another really big number, pretty big bickies,” Rob Gray—who with brother Andrew heads up Brisbane-based Graya—said.