Beachside units earmarked for development hit the market
Two original unit blocks at Miami will go under the hammer with the site already approved for development of 15 boutique apartments in the popular beachside suburb.
The auction of the 810sq m site at 2044-2046 Gold Coast Highway is expected to be hotly contested by investors drawn by the promise of a “turnkey development”, marketing agent Guy Powell, of Harcourts Coastal, said.
The existing blocks of four units each were owned by a local investor who had secured approval for a contemporary three-level development of 15 two-bedroom, two-bathroom apartments. The project was designed by award-winning architects, Burleigh Design, and would have basement parking, a lift, and a rooftop terrace affording ocean views.
The property is marketed by Mr Powell, with Jared Johnson and Lachlan Marshall, of Harcourts Coastal Commercial.
“This is a turnkey development with approval for 15 units for an investor who is looking for a project straight away and is ready to get going,” Mr Powell said.
“There is extremely strong demand for apartments in Miami from a wealthy demographic, and the area will become even more sought after once the light rail goes through.”
Annual holding income of approximately $76,400 is on offer through the existing 1970s-built units, which are all leased.
Miami is one of the Coast’s top markets, with unit prices up 16.1 per cent over the 12 months to March 2021, according to Real Estate Institute of Queensland figures.
Based on current sales, each of the new apartments could sell for between $550,000 and $650,000, Mr Powell said.
The property will be auctioned on June 12.