This article is from the Australian Property Journal archive
ONE of Surfers Paradise’s final beachfront development sites has been sold for $30 million and earmarked for a luxury high rise residential project.
The 1,500sqm site, located on the corner of Garfield Terrace and Enderly Avenue, sits in an area with zoning for unlimited buildings heights and minutes from the beach.
Mark Witheriff and Rem Rafter of CBRE negotiated the unconditional sale via an expressions of interest campaign to a Sydney-based developer, on behalf of Gold Coast investor Mike Power, with settlement scheduled for late 2021.
The Power Family currently holds several other properties across the Gold Coast, such as the D’Arcy Arms Hotel, and its adjoining development site, which is under consideration.
The sale price represents a $20,000/sqm land value, achieving a new benchmark in Surfers Paradise for a site of this scale.
“Developers can see that the current wave of demand for luxury grade, beachfront property doesn’t look like softening any time soon,” said Nicholas Clydesdale, Gold Coast residential projects director at CBRE.
According to Witheriff, the new owners of the beachfront site are planning to develop an upmarket complex, taking advantage of the property’s in demand location.
The sites location, with its beachfront placement and close proximity to amenities, including retail and hospitality in Surfers Paradise and Broadbeach, as well sitting within a kilometre of Cavill Mall and Star Casino and Pacific Fair, drew in widespread interest.
40% of the Gold Coast’s accommodation market is accounted for in Surfers Paradise, with the areas tourism industry pulling in 10 million visitors each year and injecting $4.4 billion into the regional economy.
The Gold Coast has experienced a slew of successful residential apartment developments, with Sherpa achieving a sell-out in its $36 million Perspective Two Sea in Palm Beach, following the success of its $35 million sister project Perspective 488, which sold out within three months.
Also in Palm Beach, Lacey Group sold out at its $32 million The Monroe, the group’s second successful development on Jefferson Lane, following the sold out $32 million The Jefferson.
