Former Channel 9 boss David Gyngell has successfully flipped his $5m beachside apartment at this surfing mecca. Source: Instagram

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Media-industry veteran David Gyngell has successfully flipped his apartment in the Queensland surfing mecca of Coolangatta.

It was the first resale within the newly completed Awaken tower at Rainbow Bay that on-sold to a mystery local surfer in what was reported locally as a “wipe-out auction win”.

The full-floor apartment fetched $5.1m through Coastal agents Ryan Hipwood and Dane Atherton after Gyngell had spent $4,206,088 to buy off the plan.

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The Awaken tower at Rainbow Bay. Picture: realestate.com.au

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David Gyngell has successfully flipped three-bedroom, three-bathroom, whole-floor apartment. Picture: realestate.com.au

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The home was purchased off the plan three years ago.

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The agents advised buyers that their vendor’s personal circumstances had changed since the purchase in 2021.

The three-bedroom, three-bathroom, whole-floor apartment with a study and private foyer, is set midrise in the 12-storey building atop Point Danger overlooking Rainbow Bay, Snapper Rocks and Duranbah Beach. The ocean is known for its legendary waves in the sought-after southern pocket of the Gold Coast that the locals call Cooly.

The apartment enjoys 360-degree views across the Gold Coast, northern NSW beaches and the Tweed hinterland.

The building overlooks Rainbow Bay, Snapper Rocks and Duranbah Beach.

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It enjoys 360 degree views.

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There are even cracking views from the bathroom.

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Since the Gyngell auction, there has been another successful resale one floor down through Kerry Pezet at the Pezet Matheson agency at .$5m.

The $52.5m Awaken building was designed by Cottee Parker for Paul Gedoun’s S & S Projects and featuring scalloped edges.

It comprises eight full-floor residences and a double-storey penthouse that fetched $9.4m.

S & S paid about $8m for the three-street frontage site on one of the highest elevations on the coastline.

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David Gyngell. Picture: Instagram

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The Gambaro family has two new dining venues in the development, Pipi’s and Awaken Cafe by Gambaro, after Cafe Dbar was demolished.

This month, about 30,000 people descended on Coolangatta beach for a party headlined by DJ Fisher along with Flight Facilities, with festival-goers including surfer Mick Fanning. He sits among the “Cooly Kids” who conquered world surfing, along with Joel “Parko” Parkinson, Dean “Dingo” Morrison, Bede Durbidge, Josh Kerr and Steph Gilmore.

Gyngell, the former Channel 9 boss, resides in the Byron hinterland with his TV presenter wife Leila McKinnon, who he married at Byron Bay in 2006.

He oversees substantial commercial property investments in the region.

Gyngell, the son of the late Nine boss Bruce Gyngell and interior designer mother Ann, has links to the surf, especially Bondi in his childhood years.

For a time he sold beachwear and surf gear at Bondi.

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