Luxury Apartment Tower Earmarked for $30m Gold Coast Site

One of Surfers Paradise’s remaining beachfront construction plots, owned by Mick Power, has been sold for $30 million, opening the way for a luxury high-rise residential building.

Mark Witheriff and Rem Rafter of CBRE arranged the unconditional sale of the 1500 sqm property to a Sydney-based developer, with settlement expected later this year.

The land is located on the junction of Garfield Terrace and Enderley Avenue, only minutes from the ocean, and is zoned for limitless construction heights.

The $30 million sale price for this 1500 sqm property amounts to a $20,000/sqm land value, setting a new standard for a bigger site in Surfers Paradise.

According to Mr Witheriff, the new owner intends to build an upscale apartment complex to capitalise on the site’s desirable position.

The transaction was arranged on behalf of Gold Coast investor Mr Power, who is well-known in the Gold Coast property development and lifesaving circles.

He and his wife Denise formed the civil engineering and construction firm BMD Group in 1979, and he has tight links with Northcliffe Surf Club, which is located just a short distance from the Garfield Terrace site.

The Power family own a number of other holdings on the Gold Coast including the D’Arcy Arms Hotel and adjoining development site which is also under consideration.

An expressions of interest campaign closed in mid-June, with the fast sale of the premium corner site, according to CBRE Gold Coast residential projects director Nicholas Clydsdale, confirming the strength of the premier Gold Coast residential market.

“Developers can see that the current wave of demand for luxury grade, beachfront property doesn’t look like softening any time soon,” Mr Clydsdale said.

The beachfront site.Source: CBRE.

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