Rare Gold Coast property as ‘beachfront’ as it gets
A beachfront parcel up for sale on the Gold Coast for the first time in 27-years is expected to attract a record price for the area.
Spread over two titles at 818-820 Pacific Parade at Currumbin Beach, the 1216sqm site includes a commercial component and residential apartments.
Ray White Tugun agent John Parkes says sites rarely come up for sale anywhere on the Gold Coast, let alone the blue-chip Pacific Parade.
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“Pacific Parade is probably as tightly held as Hedges Ave at Mermaid Beach, if not even more so,” Parkes says.
“Opportunities like this are super, super rare.”
He says there has not been any recent sales in the area to compare it with — making it difficult to provide price guidance.
The previous highest sale along the strip was $4.7 million for a house, paid in 2015, with another house selling last year for $4.4 million.
“There’s actually never been a sale like this, because it’s spread across two titles, and includes the iconic Beach Shack cafe and an adjoining block of eight units,” says Parkes.
“The whole area, the way it’s been designed is around luxury units so if the site was amalgamated by a developer, it’s probably going to be good three or four-bedroom units rather than smaller two-bedders.”
A North Queensland family bought the first site in 1991 for a mere $349,000 and the second site in 2007 for $900,000.
“A couple of the family members now live on top of the hill at Currumbin,” Parkes says.
“They’re motivated and ready for it to sell.”
A number of inquiries had already been made about the property and Parkes says he expects interest from all over the country.
“From a southern Gold Coast perspective, we have seen interest levels from all types of buyers shift down the coast in search of the relaxed, chilled environment this area is famous for, which has certainly given our southern market an extra surge,” he says.
“We’re continuing to see new cafes and restaurants opening through the southern suburbs on a weekly basis to keep up with the growth.”
This article originally appeared on www.theaustralian.com.au/property.