Litmus test for Chevron
A HOLDING approved for a 46-level apartment tower is being sold in what is being seen as a test of the Chevron Island highrise site market.
The 3036sq m amalgamation has frontages to Mawarra and Anembo streets and is one of eight on the island approved for towers in the last four years.
None of those towers has been started, although early marketing is under way on one in Stanhill Dve.
The Mawarra-Anembo property is on six titles, all with homes on them, and is being sold by property investor Barry Quaill and associated parties via an expressions of interest campaign.
Mr Quaill gained approval in September for a tower with 190 apartments.
The last sale of a tower site in the vicinity was two years ago when lawyer Tony Hickey was paid $11.5 million by Chinese buyers for an 1888sq m holding fronting Thomas Dve and Mawarra and Anembo streets and approved for a 19level building and five-floor office building.
Steven King, of Ray White Commercial, said the 46-level approval for the Quaill holding meant the site was a ready-togo proposition for a developer.
“The owners’ decision to sell is something of a litmus test, both for Chevron and for developer interest in the island as a highrise proposition,” he said. “There’s no doubt the island, being on the doorstep of Surfers Paradise, will have its day as far as apartment towers are concerned.
“In the case of the Quaill site, there’s a land-banking opportunity – income from the six homes provides holding income, both short and medium term.”
The four Mawarra St titles in the Quaill holding were bought from Henry Yuen’s Sunny Lettuce Investments for $3.175 million in 2007.
The Anembo St titles were bought for $850,000 in 2009. The L-shaped Quaill site is a short stroll from Chevron Island’s retail-commercial area and close to other approved tower sites.
A holding owned by property investor Harry Habul is across the road from the Quaill properties in Anembo Drive and has approval for a 31-level tower.
Expressions of interest in the Quaill site, which is being marketed by Mr King and colleague Michael Willems, close on March 22.