Palm Beach neighbourhood block earmarked for supermarket
19-27 Philippine Pde, Palm Beach
FIVE neighbouring houses in Palm Beach have been offered up for sale as a potential site for a supermarket or mixed-use development.
The 2,013sq m site with three street frontages comprises five individually titled lots, all owned by a local investor who amassed the holding through a series of separate transactions in 2021.
The combined sites are marketed via an expressions of interest campaign with Antonio Mercurio and Luke Reaby, of GV Property Group.
Mr Reaby said the vendor’s final acquisition was no. 27, a 1980s-built house on a 397sq m block acquired from the state government for $1.3m.
The block is located in a quiet pocket of the beachside suburb
“The last piece of the puzzle was the corner lot, which was purchased off the state government after a year of negotiation,” Mr Reaby said.
“Developers could create a variety of outcomes for the site including a much-needed supermarket for this pocket, as well as a childcare facility, retail, office or apartments within the 14m height limit.
“We are very much looking forward to the revitalisation of this pocket of Palm Beach.”
Mr Mercurio said the site’s unique “neighbourhood centre” zoning would appeal to developers or corporate owners proposing a supermarket or development combining retail outlets and residential dwellings.
It holds neighbourhood centre zoning
MORE NEWS
How six figures could be wiped from home values by Christmas
Where to invest to make $1 million in a decade
Real estate guru’s top buying, selling tips for 2023
The listing at 19-27 Philippine Pde includes three duplex pairs as well as two converted houses — one with three bedrooms and the other with four — both currently leased as office space.
Combined rental income is $245,000 per year, increasing to $300,000 from July.
“A parcel of land of this scale, diversity and location rarely presents itself in what is arguably one of the most desirable locations in south-east Queensland,” Mr Mercurio said.
“This is a beautiful little pocket of the Coast with consistent passing trade, not just from Palm Beach locals but also people from surrounding suburbs, Currumbin and Elanora.”
A report by Zone Planning Group found the site’s zoning could allow for a two-storey development to a height of 14m, incorporating a medical centre, food outlets, shops, offices and multiple dwellings.
19-27 Philippine Pde, Palm Beach
Expressions of interest close March 3.
