This article is from the Australian Property Journal archive
A LANDMARK Palm Beach site on the southern Gold Coast’s Millionaire’s Row has sold for $17.5 million, after a competitive expressions of interest campaign between eight bidders.
The 2,185sqm site at 62-64 Jefferson Lane sold to Tim Gordon’s Gordon Corp and the Matheson family after it became available as part of a deceased estate after being held locally for almost 40 years.
Sam Richards and Tim Jones from JLL, alongside Mark Witheriff and Hayley Manvell, managed the sale, which drew in strong levels of interest from residential developers and landbank investors, both local and interstate.
“Groups recognised the rarity of the offering, as there are so few opportunities of this scale on the prized eastern side of the Gold Coast Highway,” said Richards.
“While the development sector has some current challenges with increased construction costs, tier one sites such as this which lie a stone’s throw from the water remain an attractive proposition given the revenues you can achieve once built. Everyone wants to live as close as they can to the beach – it’s as simple as that.”
The new owners plan to develop the site into a nine-level 47-unit luxury residential project, with Jefferson Residences to represent their first move in the southern coast.
“When you look at what developers are unveiling across the region, the ever-growing pipeline of projects focused on Palm Beach speaks both to its desirability for residents and the wider appeal of the southern end of the coast. It’s an area where we expect demand to continue to tighten,” said Witheriff.
The site is currently occupied by a mix of commercial and residential, with a fully leased commercial building and ten generously sized townhouses with current passing income sitting well below market.
The property sits between two separate beach access points within 100 metres, with food, beverage and retail offerings also nearby, including Pavilions Palm Beach, a modern, Coles-anchored shopping centre.
Accessibility is also set to be enhanced by the light rail and upgrades to the Gold Coast Highway.
While 5Point Projects spent $15.6 million for a double block at the nearby 171 and 173 Jefferson Lane, with plans for a new ultra-luxe apartment project. And Marquee Development snapped up the largest remaining absolute beachfront development site on the Gold Coast with the 3,304sqm 1293 Gold Coast Highway in Palm Beach.
