Nobby's Outlook Resort has sold to a Melbourne investor for $23.75 million following strong interest from Queensland and international developers.
The auction attracted a large crowd with 17 registered bidders. Offers to buy the resort, comprising 46 units on a 7284 sq m site, dates as far back as the late '80s property boom.
The sale of the 1970s property came about due to a $4 million repair bill that pushed many owners into the market.
Queensland-based developer Sunland offered $40 million for Nobby’s Outlook in 2010 but were forced to walk away from the deal after one apartment owner held out. This led the body corporate to obtain a court order, abolishing the community titles scheme to make way for a sale.
The Melbourne-based buyer has so far remained anonymous, and has given no confirmation towards what is planned for the site. The Australian reported that the buyer had plans to refurbish and restore the two-storey property.
The property was sold unconditionally, though a three storey limit under the Gold Coast Town Plan currently limits development potential. It is likely the two-storey building will be restored and refurbished.
Colliers International agent Darrell Irwin said, “We just don’t get the sites of this scale normally put under the hammer. This is Colliers International’s biggest auction sale nationally in the last two years.”