Saga ends: $23.7m for Gold Coast’s Nobby’s Outlook Resort

A Melbourne-based investor has bought Nobby’s Outlook Resort.

A Gold Coast beachfront resort has sold to a Melbourne-based investor for $23.75 million, following strong interest from Queensland and international developers.

The Nobby’s Outlook Resort sold unconditionally under the hammer on Wednesday, ending a decades-long bid by some owners to sell their stakes in the 1970s resort.

It is understood the Melbourne investor bought the 46-room resort as an investment and intends to refurbish and restore the two-storey property.

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There were 17 registered bidders and the winner beat Queensland-based listed developer Sunland, the Morris Property Group, billionaire Bob Ell’s Leda Holdings and Consolidated Properties.

Watch Realcommercial’s stream of the LIVE auction below:

The buyers’ representative was high-profile Gold Coast agent Michael Kollosche.

Colliers International agent Darrell Irwin, who marketed the property with colleague Geoff Lamb, says he fielded more than 100 inquiries from “a plethora of southeast Queensland developers”, as well as investors and developers from interstate, Singapore and Hong Kong.

“It was an outstanding result that was well above reserve,” he says.

The auction was ordered by a court after dissent among owners over the sale of the Marine Parade site. In 2010 Sunland made a structured offer to purchase the resort — pending future development approvals — but it fell through after one owner held out, sparking the legal battle.

Gold Coast resort Nobby's

The resort sits on prime Gold Coast beachfront.

The auction was a gauge of the Gold Coast market and the price surprised some onlookers. The 7284sqm site includes two pools and 46 apartments.

The Australian was told the $23.75 million price would not support a development under the Gold Coast planning scheme, which limits the site to three storeys.

The property is next to a public park to the north and Nobbys headlands reserve to the west.

This article originally appeared on www.theaustralian.com.au/property.