This article is from the Australian Property Journal archive
A BEACHSIDE development site at Palm Beach on the Gold Coast has been snapped up by RSL Art Union for $2.27 million in a deal negotiated by Colliers International.
The RSL has acquired the 2,469 sqm site at 1015-1021 Gold Coast Hwy, following an expressions of interest campaign by Colliers International agents Darrell Irwin and Scott Zahner on behalf of Ferrier Hodgson acting as receiver and manager of MM Holdings Pty Ltd.
RSL intends to build residential apartments on the site that will be the prize in one of its future Art Union lotteries.
The property is vacant apart from an unused two-level unit block situated on one of its three titles. It is approximately 15km south of the Surfers Paradise CBD and 8km north of the Gold Coast Airport.
Irwin said the campaign resulted in good enquiry from buyers, mainly from those located in South East Queensland.
“Given that it was a smaller development site, it generated interest predominantly from the local developer/investor market.
“Of those that were interested in purchasing the site, there were a range of proposed uses, including not only straight residential, but also a service station and an aged care development,” he said. “With no existing approvals in place, there were a great many potential uses for the site.”
Zahner said that while there were many potential uses for the site due to its ‘Tourist and Residential’ Precinct Zoning, in his opinion the highest and best use for the property was for a high-quality low-rise residential development.
Ferrier Hodgson partner Will Colwell said he was delighted with the outcome of the sale.
“This sale outcome is a good result in what remains a difficult market for development sites of this nature.” he added.
RSL general manager Luke Traini said strategic acquisition aligned with longer term development opportunities and would contribute toward the highly successful lottery business helping to raise funds for Australia’s veterans.
The RSL was represented by Ray White’s Peter O’Neill.
Property Review
