Big price discount on canalfront land
GOLD Coast developer Greg Wood has slashed the price of a large canalfront landholding near the planned Hope Island Town Centre.
Mr Wood acquired the near-1.8ha two-title parcel, at 1 Grant Ave and 6-8 Sickle Ave, through Australian Property Net for $7.8 million in 2005.
The blocks, which are approved for 172 and 176-unit projects, were released to the market with a price tag of $10 million each in 2015 before that was reduced to $8 million earlier this year.
The price for each lot has been further reduced to $4.5 million plus GST.
Marketing agent Joseph Codianni, of Real Commercial Qld, said he had received inquiries from Singaporean and Chinese investors interested in developing apartment projects.
He said the location could also be used to develop townhouse, mixed-use commercial and residential, vertical retirement village or homesite projects. “It is one of the best locations on the Gold Coast,” he said.
Mr Codianni said a number of developers were running the rule over the site, with Chinese parties keen despite a government crackdown in China on outbound investment.
He said the crackdown affected top-tier developers with billions to spend rather than mid-market developers with $10 million to $50 million.
Lennon Lin bought the town centre site, at 99 Broadwater Ave, from receivers for $14.3 million earlier this year.
There are plans to build a 10,000sq m shopping centre, to be called Hope Island Marketplace, on the 2.5ha site, anchored by Woolworths and Aldi supermarkets.
CBRE’s Rudi Scutti is handling leasing for the centre.