Beachfront development sites up for sale
Rare double block prime development sites are up for sale in Palm Beach
Developers eyeing an entry to Palm Beach’s lucrative boutique apartment sector are lining up with the release to market of some of the few remaining large land parcels along the prestigious southern Gold Coast strip.
They include an absolute beachfront double block approved for a highrise luxury unit development which will go under the hammer on Friday, March 4.
The rare 817sq m site at 215-217 Jefferson Lane spans two freehold titles with 20m of ocean frontage and views stretching from Rainbow Bay in the south to Stradbroke Island.
215-217 Jefferson Lane will be auctioned onsite on March 4
An artist’s impression of a nine-storey tower approved for the site
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It is marketed by Troy Dowker, of Kollosche, with the agency’s commercial consultants, Adam and Tony Grbcic.
Current development approval exists for a nine-storey residential-only building comprising eight three-bedroom, full floor apartments.
“This is a rare chance to capitalise on an absolute beachfront double block or development site and build a custom prestige residence across both blocks or build two modern homes,” Mr Dowker said.
Find a better backyard?
Also up for sale, an 825sq m prime site at 1177 Gold Coast Hwy with a development height limit zoning of 29m is jointly marketed via an expressions of interest campaign by Luke Reaby, of GV Property Group, and Brendan Andrews, of Stone Real Estate.
Owners of the six units within the existing four-level building at the site had amalgamated to bring it to market following persistent approaches by developers, Mr Reaby said.
“Over the last six months, the individual unit owners have been approached by multiple developers with varying offers and terms, and so they have joined forces as a collective to get these developers competing against each other,” Mr Reaby said.
Unit owners joined forces to market the block to developers
The site has double street frontage to Jefferson Lne and the bustling highway and, once capitalised, could pull in potential gross income of more than $200,000.
It would ideally suit a boutique project of 15-20 half-floor apartments, Mr Reaby said.
While absolute beachfront land in Palm Beach sold for about double the price of highway sites such as this one, the difference in potential revenue was far less, presenting incredible value for investors, Mr Reaby said.
A comparable development-approved site at 1203-1205 Gold Coast Hwy sold by GV Property Group for $6.8 million last year. Expressions of interest close March 10.
Boutique beachside apartments are in demand
