Developers, residents eye Palm Beach prime site ahead of auction
A beachfront showdown between developers and residents of Palm Beach’s most exclusive strip is tipped for this weekend’s on-site auction of a prime development site on Jefferson Lane.
Veteran developer John Potter is offloading the vacant 549sq m lot at 1079 Gold Coast Highway, just months after it was acquired for $1.4 million in March in partnership with fellow local developer, Mark Howard.
At the time, Mr Potter touted the addition of the blue-chip parcel to his portfolio as, “a jewel in the crown”. Plans were drawn up for a nine-level apartment building at the site, but were shelved as the owners made the call to go to market in order to free up capital for another opportunity.
The holding is marketed for auction by Jared Johnson and Lachlan Marshall, of Harcourts Coastal Commercial.
Mr Johnson said strong interest in the prized lot just 140m from beach access had been split between developers seeking to capitalise on the extremely high demand for luxury apartment living in the area; and local residents wanting to extend their own patch of land.
“It’s been quite phenomenal,” Mr Johnson said.
“Jefferson Lane is one of those streets like Hedges Ave [in Mermaid Beach] that always seems to generate a lot of interest. It’s from interstate, and also from a lot of locals.
“This really is truly one of those blank canvas sites and we have received a large number of inquiries from people who are already living beachfront on Jefferson Lane,” he said.
Mr Potter, CEO of the Potter Group and a former Villa World head, is chasing another big ticket sale of a nine-title parcel in Broadbeach spanning 6,438sq m at 2709-2723 Gold Coast Highway.
The high-profile holding has approval for two 68-storey towers with 458 residential units and 418 serviced apartments, plus 2096sq m of retail and office space.
Kollosche Commercial agent Adam Grbcic, who is marketing the site with Tony Grbcic, said negotiations were underway with three interested parties following the recent conclusion of an expressions of interest campaign.