Refugee’s $24m windfall

A REFUGEE from Vietnam who took a $2.3 million punt on a piece of Gold Coast land eight years ago has sold it for $24 million.

Nhan Doan, who came to Australia four decades ago, has sold the vacant Varsity Lakes site to a Chinese group after a buyer scramble.

The sale, with GST added, shows as a $26.4 million transaction.

The site value put on the land by the State Government in June was $3.4 million.

Sasan Rahmani, the agent who handled the sale, said Mr Doan always regarded the 14 Lake St site, which abuts Bond University and overlooks Central Park, as unique.

“That it has sold for so much money makes him a very lucky man. He would be the first to admit that the new town plan greatly improved the potential of the site and hence its value.”

Mr Rahmani, of Century 21 Gold Coast, said there was a rush of interest in the land, some of it from Singapore and China, before it was snared by the Baolilai group.

He said he understood Baolilai was hoping to get approval for a 550-unit student accommodation building on the land.

The Baolilai group, from the Guang Dong province, has interests that include the Baolilai International Hotel in Shenzheng.

Seller Mr Doan, 60, first put his 7063sq m Varsity Lakes site, owned through company APD Technology, on the market at $15 million in 2013.

Three years earlier he gained approval for an eightlevel building with 121 units, a restaurant and shops. In 2014 he had the number of units lifted to 203.

Mr Rahmani said Mr Doan, who came to Australia “with virtually nothing more than the shirt on his back”, had built spec homes on the Gold Coast and was building a sold-out 120-apartment project in Brisbane. He bought the Varsity Lakes site from a mortgagee in August 2009.

The land had been owned by Belleraphon, a company linked to Victorian investors Salvatore Catalano and Ian Pattison, who are believed to have bought it for $8.8 million.

David Ransom, a director of the Zone Planning Group, said there was no doubt the site’s development potential was enhanced when the 2016 City Plan came into force.

“It’s in the Centre Zone, which means a wide range of residential and commercial development is possible.

“The land has a 54-metre code assessable building height, allowing for around 17 storeys, and an RD8 density slowing for at least 543 bedrooms. Those figures could go higher, depending on the capacity of the various infrastructure networks.”

Mr Doan is believed to be overseas and could not be contacted to comment on his windfall deal.