Developers get chance at a decent chunk in Palm Beach
Developers hungry for land in expensive beachfront Palm Beach address Jefferson Lane are being offered a chance to take a big bite.
Offers are being sought for a 2185 sqm property on the dry side of the lane and also fronting the Gold Coast Hwy. The holding is close to the suburb’s retail heart and across the road from the Pavilions retail centre.
It is being marketed as developers continue to target Palm Beach to build mid-rise and boutique apartment buildings overlooking the ocean. The property being sold is a legacy of veteran developer the late Max Shearer and is home to a commercial building and townhouses, which he developed more than 30 years ago.
The Palm Beach identity, a former transport operator and hotelier in country Victoria, died at 90 in 2004.
CBRE and JLL, who are marketing the Jefferson Lane property on behalf of estate executers, say the holding is one of the last development sites of scale on a sought-after stretch of coastline. The site’s commercial building, Samuel Plaza, fronts the road at 1045 Gold Coast Hwy and is leased to the state government as an electoral office and to the Cerebral Palsy League.
The 12 townhouses are on the ocean end of the property, at 62-64 Jefferson Lane, and are rented. CBRE’s Mark Witheriff said the site was grossing $427,000 a year in rental income.
“That means there is a secure holding income, allowing a buyer the ability to hold the property while development approvals are sought.”
Tim Jones of JLL yesterday the site was primed for a range of possibilities, particularly a mid-rise or highrise development or short-term accommodation. Expressions of interest close on March 21.