Main Beach Parade on the Gold Coast has seen multiple separate million dollar developer transactions over the past eight weeks heralding the value of prime Gold Coast property.
Today it was announced that a potential development site (STCA) in a beachfront location at Main Beach on the Gold Coast has been sold for $8.2 million to a buyer with plans for an apartment complex.
The approximately 792 sqm block at 3531 Main Beach Parade, Main Beach, was sold to a local developer by Michael Willems of Ray White Commercial Gold Coast on behalf of a private owner.
According to planning and development documents, the property was valued this year at $6.6 million.
Mr Willems said the site, which is currently occupied by an older beach home, attracted strong local, interstate and overseas interest.
Source: Gold Coast City Council[/caption]“There is an option for the purchaser to continue to rent out the property for holding income while obtaining approval for plans for a seven storey residential apartment building offering exclusive whole floor space,” he said. “This is absolute beachfront land at Main Beach, so it was highly sought after.”
The news comes after Hong Kong billionaire developer Tony Fung’s Aquis Australia last month gained control of its third major Surfers Paradise development site in a year, also on Main Beach Parade.
The 1700sq m parcel at 3464-3466 Main Beach Parade is one of the last major beachfront development sites in the area and was created through the amalgamation of apartments in the Pacific Point apartment building and two adjoining properties.
The site with 70m of beach frontage will be acquired for more than $23 million, according to The Courier-Mail.
Mr Fung also controls the ASX-listed Aquis Entertainment that owns and operates Casino Canberra and is currently progressing plans a for a large-scale real estate and entertainment project at Yorkeys Knob, north of Cairns.
Last year he paid $55 million for the former International Beach Resort on the Surfers Paradise Esplanade on which it is understood he plans to build a Q1-scale apartment tower.