This article is from the Australian Property Journal archive
A BROADBEACH site intended for a 94-level skyscraper has sold for as much as $11 million, after Chinese investor Wenxing Ma failed to gain traction with his soaring ambitions for the property.
Savills agents Kevin Carmody and James Stevenson marketed the 14-18 Mary Street site, which covers 1,518 sqm over two titles, and is believed to now be in the ownership of a mainland China party intending to build a multi-unit development.
Current improvements include a brick veneer duplex on number 14 and a seven-unit building at number 16-18, which Wenxing Ma was hoping to replace with the sizeable tower.
His plans were lobbed shortly after he paid $8 million for the combined site in 2016, and were met coldly by Gold Coast Council. However, the sale price reflects a quick profit on the site of up to $3 million in just two years.
The site is across the road from ground of Broadbeach state school, looking towards the beach.
Earlier this year, Chinese group LXC Properties acquired the unit blocks next door at 8 and 12 Mary Avenue, as well as the adjoining 11 Surf Parade, for $8 million.
Australian Property Journal
