Beachfront site hits market
A BEACHFRONT building — on the southern side of the massive Jewel development — has hit the market.
The property, on the corner of Wharf Rd and Old Burleigh Rd, is being sold by Wharf Road Surfers Paradise Pty Ltd, linked to Marc Clancy, which acquired it for $7.082 million in 2016.
The 637sq m site is home to the three-unit Caralan Court, and was once owned by Harvey Norman executive Steve Cavalier.
It is being marketed by James Branch and Mark Witheriff, of Knight Frank Gold Coast.
Mr Branch said the site, approved for a 37-unit development, would be ideal for a boutique hotel.
“The site is ideally located to take full advantage of the adjoining Jewel project which is due for completion in 2019,” he said.
“The Jewel ground floor will include an array of restaurants, much of which will be accessible to the public, adding significant and high-value amenity to the area.
“The existing approval for the site provides certainty for development. We are also of the view that the site is ideally positioned for the creation of a boutique hotel.”
Mr Witheriff said he expects the offering to attract interest from a broad range of developers and investors.
An expressions of interest campaign closes on May 23.