‘Nobbys Outlook’, a vacant two storey 46 apartment block on the Gold Coast beachfront was sold under the hammer for $23.75 million to a Melbourne based investor.
This once in a generation opportunity 7,284sqm price beachfront land at 122-130 Marine Parade in Miami, attracted a huge crowd at the Colliers International auction, with 17 registered bidders in attendance generating 35 bids in total.
Darrell Irwin and Geoff Lamb of Colliers International marketed the property via an auction campaign which attracted over 100 enquiries.
“This is such a strong outcome in the current market, with well located beachfront property always in demand if marketed well,” said Mr Irwin.
“We just don’t get the sites of this scale normally put under the hammer. This is Colliers International biggest auction sale nationally in the last two years.
“Our interstate and overseas network ensured we were able to attract interest from the markets with an abundance of capital, in particular from Sydney, Melbourne, Hong Kong and Singapore.
“The lack of Chinese interest suggests the Chinese Government crack down on Chinese developers transferring funds out of China is having some effect on demand for Australian real estate.”
The buyer, Melbourne based investor, has not disclosed their plans for the site. The apartments could potentially be refurbished or they could be demolished, subdivided or redeveloped into apartments with up to 220 bedrooms, with a three-storey limit under the current Gold Coast Town Plan.
The property was built in the 1960s and features spectacular ocean and parkland views, being located on the beachfront, next to a public park to the north and Nobbys headlands reserve to the west.