Tower site hits market
A PROPERTY overlooking the Broadwater at Biggera Waters and approved for a boutique apartment tower is being sold by the owners of a major benchtop manufacturing company.
The 728sq m site, at 536 Marine Pde, sits between two six-level boutique apartment buildings, Wanda and Marinbar.
Last year, after a successful appeal to the Planning and Environment Court, it was approved for an 11-level building with eight singlefloor apartments and a double-floor penthouse.
Michael Willems, of Ray White Commercial, said the property, occupied by a house, was in a strip popular with owner-occupiers.
“This property looks directly across a strip of parkland to the Broadwater, providing a stunning view.
“It’s a tranquil location that has drawn major developers in the last two decades.”
The property, owned by GMG Investments (Australia), was bought for $1.5 million in 2014 from Aleksandra Pejski who marketed it at $2.5 million in 2005 and again tried to sell it in 2010.
GMG Investments is associated with the Galea family, which started GMG Stone in Southport in 2002.
The business is described as the largest dedicated stone-benchtop manufacturer in Australia. The GMG Investments property is to be auctioned on May 31.