$1.43-mil­lion pur­chase at auc­tion of this block gives Mel­bourne man a com­bined 1736sq m hold­ing on South­port’s busy ar­te­rial road

The Gold Coast Bulletin - - PRIME SITE - ALIS­TER THOM­SON alis­ter.thom­[email protected]

A MEL­BOURNE in­vestor has added to his hold­ing on busy Ferry Rd in South­port by pur­chas­ing a site at auc­tion next to his block for $1.43 mil­lion.

The 7-9 Ferry Rd prop­erty, lo­cated in precinct one of the South­port Pri­or­ity Devel­op­ment Area, was sold at auc­tion last week by the De­part­ment of Trans­port and Main Roads.

It was mar­keted by Ma­son Kid­man and Lach­lan Har­ris, of Avanti Com­mer­cial. The sale price in­cludes GST.

The buyer is un­der­stood to be Joseph Lazar, whose com­pany Rock­mar Pty Ltd, also owns the block im­me­di­ately south of 7-9 Ferry Rd at 11 Ferry Rd.

The new pur­chase gives Mr Lazar a to­tal hold­ing of 1736sq m.

Mr Har­ris said last week’s auc­tion was well at­tended with five reg­is­tered bid­ders.

He said the site is well si­t­u­ated for a num­ber of de­vel­op­ments.

“It would suit a large devel­op­ment such as a fast-food out­let with drive through or petrol sta­tion,” he said.

“The site also has the ad­van­tage of hav­ing dual-road ac­cess.”

Mr Har­ris said the sale, at $1531sq m (ex­clu­sive of GST), demon­strates the strength of the devel­op­ment site mar­ket in South­port.

“It goes to show the mar­ket for blocks of land with good ex­po­sure to main roads are still be­ing very well re­ceived.”

The 11 Ferry Rd prop­erty is home to R and D Auto Ser­vices and Air­con­di­tion­ing.

In 2016, Rock­mar re­ceived ap­proval to build a 15-storey tower with 13 lev­els of res­i­den­tial apart­ments and ground floor com­mer­cial ten­an­cies.

The devel­op­ment would have 52 units and two shops.

Ferry Rd has been a hive of ac­tiv­ity in re­cent years.

A ser­vice sta­tion, leased to United Pe­tro­leum, was re­cently com­pleted at 31-41 Ferry Rd. The prop­erty was built by Com­mer­cial Prop­er­ties (Qld), linked to busi­ness­man John Bon­nor.

There have been lux­ury de­vel­op­ments too. A showroom for lux­ury mar­ques Maserati and Bent­ley was also re­cently com­pleted on the thor­ough­fare.

This va­cant prop­erty at 7-9 Ferry Rd, South­port, has sold at auc­tion.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.