This article is from the Australian Property Journal archive
THE vacant Nobbys Outlook apartment block in Miami on the Gold Coast has sold at auction for $23.75 million, closing the chapter of a story about one owner who held out for more money and ended up getting less.
Colliers International’s Darrell Irwin and Geoff Lamb sold the property located at 122-130 Marine Parade Miami.
The sale price reflects $516,304 per apartment. The Nobbys Outlook property currently comprises a vacant two-storey 46 apartment block.
The property occupies 7,284 sqm of prime beachfront land.
The agents said the offering was a “once in a generation” opportunity.
Irwin said the buyer was an interstate private investor.
The auction attracted strong interest with more than 100 enquiries and 17 registered bidders.
Irwin said the campaign attracted developers from south east Queensland, Sydney, Melbourne as well as overseas parties from Hong Kong and Singapore.
The sale ends a long running saga for the prized site and was one of the most high profile cases in Queensland’s strata title history.
In 2010, developer Sunland offered $40 million for the property but one owner, businessman Scott Lawes, who did not live at the property, declined the offer and wanted more money.
Under Queensland law, every owner in a strata title scheme must agree in order for a sale to proceed.
In November 2013, in the case of Body Corporate for Nobbys Outlook CTS 14822 v Scott Lawes, the building’s body corporate won a court order to abolish the scheme and allow the sale to proceed.
The case set a legal precedent in Queensland and Australia because no court has ever ordered the termination of a scheme under the Act. Unfortunately by the time the issue was resolved in 2014, Sunland had lost interest.
In New South Wales, the government moved to resolve such conflicts by reforming the strata title law last year, whereby owners can sell a property if at least 75% agree.
Strata laws stipulate that private negotiation is required for any remaining strata units, which would be acquired by the Land & Environment Court if the owners were unwilling to sell.
The reforms have resulted in owners taking advantage of developers demand.
Despite not reaching a consensus, last month 55 owners became millionaires after selling their 5,130 sqm site at 15-21 Cottonwood Crescent to a private developer for more than $80 million.
This was after they witnessed 40 of the 45 neighbours at 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue teaming up to sell their property for $50 million in January.
Earlier this week, 33 of the 36 owners at 12-14 Lachlan Avenue and 13 Cottonwood Crescent decided they wanted a piece of the action as well.
Australian Property Journal
