Nursery to gated estate
Wentworth manor sub-division plan for large Merrimac holding
A Merrimac property that has been home to a large nursery is earmarked for a gated big-lot housing estate in the wake of a $15 million deal.
The 5.3ha site is on the northern side of Gooding Drive and has been in the same ownership since 2005.
Buyer Hassan Guneyli intends to develop the land into a subdivision to be called Wentworth Manor and with lots from 800 to 1500 sqm.
His project, subject to approvals, is to have 4000 sqm of commercial space fronting Gooding Drive.
The property, at 178 Gooding Drive, has a 100-metre frontage to the road.
It has been sold by company JNJ Investments Australia, which is owned by Youn Cho and James Kwak, and which bought it for $2.3 million.
Buyer Mr Guneyli is a former stockbroker who worked with Gold Coast-based investor the late C.Y. Wong for 37 years.
He was part of a Wong team which initiated and designed widespread property projects that included a major highwayfront corner site at Broadbeach.
The property was sold as a package to tower developer Barry Morris and then-partner Graham Potts, who built the Sierra Grand high-rise on it.
Mr Guneyli this week said the approvals process for the Merrimac project, which would be in harmony with the area, could take up to 12 months.
“I was drawn to the land because there virtually are no quality sites available on the eastern side of the motorway, especially those offering larger house sites.
“The site’s hydraulics are good, so it’s unaffected by flood issues.”
Mr Guneyli said he would use the project to introduce son Cemal, who was studying law, to the nuances of property development.
RWC Burleigh Group’s Ryan Langham, who handled the sale with colleague Damon Walker and will market Wentworth Manor, said the Gold Coast faced a development land shortage in the next decade.
“Most blocks are getting chopped into smaller 405 sqm lots to maximise profits per sqm. That leaves residents who require more space either having to travel further afield west of the M1 or having to pay much more than they want to for bigger blocks on water.
“There’s a gap in the market which our buyer has came to realise and which will come to light soon.”