OUTLOOK EXTREMELY GOOD FOR TOP NOBBYS LOCATION
THE ageing beachfront Nobbys Outlook resort in Miami will go to auction in September – potentially ending a long-running saga to sell the property.
Offers from developers to buy the 7284sq m site at 122-130 Marine Pde, which holds 46 units in two-level buildings, date back to the late 1980s property boom.
In 2010 Sunland offered $40 million for the property but one owner held out and the deal was abandoned.
The building’s body corporate then successfully sought a court order from the Queensland District Court to abolish the community titles scheme to make way for a sale.
A key reason for owners looking to sell was the $4 million repair bill faced for the property, which dates back to the 1970s.
Last year the court appointed trustees Ann Fordyce and Brad Hellen, of Pilot Partners, to sell the property on behalf of the owners.
Darrell Irwin and Geoff Lamb, of Colliers International, are heading up the marketing campaign ahead of the auction.
Mr Irwin said the property is the largest beachfront parcel for sale on the Gold Coast and represents a prime opportunity for a developer.
“The Marine Parade site is ideal for redevelopment into luxury units or up-market home sites or a mix of both,” he said. “Alternatively a buyer can retain holding income from renting out the units and develop down the track.”
The property is approved for a three-storey height limit under the city plan, however, this could be increased subject to council approval. Mr Irwin said the property’s location is its best feature.
“Not only does it have the beach and park directly across the road but there are plenty of cafes in the area and it is five minutes’ drive to Pacific Fair,” he said.
“The extension of the tramline to Burleigh Heads is also high on the council’s agenda.”
The auction will be held at the Colliers office at Circle on Cavill in Surfers Paradise on September 6.