30-year wait over for Palm Beach development site
A prime beachside development site at Palm Beach on the Gold Coast is on the market for the first time in more than 30 years.
The site, which is located just one block from Palm Beach’s pristine white sand beach, boasts a corner position with direct access to the Gold Coast Highway.
Located at 1449–1457 Gold Coast Highway, the approximately 2053sqm site over five amalgamated lots is being offered for sale via tender and is considered ripe for redevelopment, subject to council approvals.
Ray White Commercial Gold Coast’s Michael Willems and Steven King are marketing the site, with Willems saying it has been decades since the property was last offered to the market.
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“This corner-positioned development site is a tremendous opportunity for developers and it is offered for the first time in 30-plus years,” he says.
“The site offers dual street corner frontage to Twenty Seventh Avenue and Gold Coast Highway and current improvements include five older style dwellings, which offer a current holding income of more than $100,000 per annum.”
King says the Palm Beach area is regarded as one of the Gold Coast’s best performing and most in-demand residential marketplaces.
In its July Month in Review, Herron Todd White lists Palm Beach as one of “the areas with the greatest demand”, with prices in the area having grown strongly over the past 12 months.
King says the property is within walking distance of popular local cafés and restaurants, is close to the Palm Beach CBD and the Burleigh Heads CBD and has significant potential for development.
“The area is located quietly away from the tourism and entertainment precincts yet close enough to travel to if required,” he says.
“Any proposed development for this site will benefit from the recent ministerial approval for an added height limit.”
This corner positioned development site is a tremendous opportunity for developers and it is offered for the first time in 30-plus years
“This has increased from seven storeys to a new maximum storey height limit of 29m, which can facilitate unit developments of up to approximately 11 storeys.”
“The site is included in the Medium Density Residential Zone of the Gold Coast City Plan.”
“The Medium Density Residential Zone is intended to provide for a range and mix of dwelling types, including dwelling houses and multiple dwellings supported by community uses and small-scale services and facilities that cater for local residents.”
The site at 1449–1457 Gold Coast Highway is being offered for sale via tender. Tenders close on August 11.