Investor sinks teeth into beachfront business site
The mixed use property had a dental surgery downstairs and flat upstairs
A mixed use beachfront site located in one of southern Queensland’s most tightly held coastal enclaves sold under the hammer for $5.11 million on Friday.
An interstate investor made the winning bid following a play among seven buyers registered for the midday auction at the two-storey Currumbin property, comprising a long-held dental practice downstairs and renovated one-bedroom, one-bathroom unit upstairs.
The property at 782 Pacific Pde on a 405sq m lot across the road from the ocean and next door to a popular cafe was jointly marketed by Kollosche’s Troy Dowker, with the agency’s commercial specialists, Adam and Tony Grbcic.
Mr Dowker said the sale price — almost 15 times more than when it last changed hands 30 years ago — demonstrated continued strong demand for prime beachfront land.
Hop next door for coffee or an acai bowl
“Beachfront trophy sites are still in strong demand and for most people, it is a lifestyle investment,” Mr Dowker said.
Auctioneer Justin Nickerson described the location as, “indeed an iconic spot”, before ushering in the opening bid of $3.5m.
Another paddle was raised to counter with $4m, then $4.2m, before bidding climbed by $100,000 increments all the way to $5m then slowed slightly.
As Mr Nickerson called at $5.1m, the underbidder slipped outside with his phone to check if he could go higher — or perhaps just to “check on the view”, as the auctioneer quipped — before returning to raise stakes by just another $10,000.
It was enough to seal the deal.
It’s approved as a medical facility and day surgery
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The buyer planned to retain the property and continue its operation as a mixed use site.
Mr Dowker said the 15m building height zoning limited development of the site to three full-floor apartments.
Adam Grbcic said developers were shifting their focus south of Palm Beach for apartment sites, with more than two dozen towers already in planning or development between there and Broadbeach.
Currumbin, Coolangatta and the Tweed region were emerging as new commercial hotspots..
Bright one-bedroom unit upstairs
It’s currently leased on a month-by-month basis
“We think this is a natural shift because of the many advantages these areas hold for developers,” Mr Grbcic said.
“They include the upcoming stage 4 of the Gold Coast Light Rail route linking Burleigh Heads to Coolangatta via the Gold Coast Airport, significantly larger lot sizes, and the unique ocean aspect these areas offer with Coolangatta a special case in point with its northerly aspect.
“In addition, more leading retail operators are choosing to set up shop in these suburbs, adding further amenity to development projects,” he said.
The Currumbin property could either be redeveloped or reimagined by a business owner wishing to capitalise on high exposure along the bustling coastal strip.
The site had been held within the same family since 1990, when it was purchased for $355,000, property records show.
It had operated as Currumbin Beach Dental for many years, with both the clinic and unit rented on a monthly basis, and was designated for commercial use as medical amenities with a day surgery — an approval that was no longer attainable under current town planning regulations.
How’s that for a view?
Prime site
