Prime Surfers chunk
Beachfront holding in tourism magnet suburb offered to investors
Developers and investors are being offered the chance to own a near 3000 sqm chunk of land overlooking the beachfront in Surfers Paradise.
The holding sits between The Esplanade and Surfers Paradise Boulevard and is occupied by the Monaco and Kupari unit buildings.
It is on the southern boundary of a 3534 sqm site which was bought for $67.5 million last year by Australia’s biggest apartment developer, Harry Triguboff.
The 27-unit Monaco, a three-level walk-up built in the 1980s, has been amalgamated by Canford Real Estate.
Canford’s Ben Evans said the owners in Kupari, which has 21 units spread over seven levels, also were in exit mode and had joined the sell-off move.
“I think it’s fair to say the owners in both buildings realise the surge in both land and apartment prices means they are in an invidious position.
“The figure paid for the adjoining Triguboff holding puts them in the box seat in terms of achieving solid price outcomes.”
The Monaco walk-up is on a 1687 sqm site and Kupari is on 1234 sqm.
The properties, on which there are no height restrictions, separately are being offered via expressions of interest that close on May 9.
Mr Evans, marketing the holdings in tandem with Canford’s Roland Evans, said there was huge demand for beachfront sites.
“Surfers Paradise has seen a lot of rejuvenation and this has improved the area immensely.
“As a result property prices have risen and so too have the prices developers are prepared to pay.
“We’re seeing a lot of buildings come up for amalgamation, with developers meeting owners’ price expectations and owners wanting to replace old with new.”
Mr Evans said large amalgamations were hard work.
“They take a lot of time and they don’t always pay off.”
Canford spent more than two years amalgamating 53year-old The Shore tower, which is on the Triguboff site.
The balance of that site, comprising low-rise the Dolphins unit block and highway shops that adjoin it, was bought from ASF group associate David Fang, who spent $15 million on the properties in 2018.