‘SIGNIFICANT PLAYER’ BUYS IN BROADBEACH
A high-profile developer from the Philippines has snapped up a single-title site in Surf Parade, Broadbeach, with a view to building a boutique hotel
A NEW 19-storey hotel is one idea being considered by a wealthy Filipino businessman who snapped up a Broadbeach development site for $2.125 million.
Manuel H. Osmena is the founder and chairman of the Cebu-based Manny O Group, which owns the Ibiza Beach Club and the five-star Movenpick Hotel, both located on the island of Mactan.
He also owns the airline catering company SkyKitchen Philippines Inc, ground-handling and cargo services company SkyLogistics Philippines Inc and has his own wine brand, Manny O. Wines.
In April Mr Osmena, through his company The Legacy M Pty Ltd, settled the purchase of a 508sq m block at 31 Surf Parade. The property is home to an ageing three-bedroom brick home – one of the last in Broadbeach.
Colliers International’s Ryan Chandler, who negotiated the deal with Graham Baker of Ray White Broadbeach, said he introduced Mr Osmena to the property after being asked to find a suitable site.
“It was an off-market transaction,” he said. “We had an offshore requirement from Manuel Osmena.
“He is a significant player in development in the Philippines and he has extensive experience.
“Basically, his vision was to either do a hotel or residential building.”
Mr Chandler said they scouted out a number of sites.
“We tried to pick the eyes out of the market as to what would be good candidates for him,” he said.
“We short-listed four sites on Surf Parade … but a lot of them were strata buildings with four or five units. It starts getting up in price when you are trying to amalgamate.”
The purchased site is on one title and therefore did not present those issues.
“The seller bought it in December 2018 with the intention to develop it as well. He bought it for $1.5 million and we were able to come along and do a contract exactly 12 months after it was purchased. He sold it for $2.125 million so that’s a significant premium.
Mr Baker said Mr Osmena fell in love with Broadbeach after visiting the area for holidays.
“He’d like to live here for a period of months each year and go swimming in the ocean, that’s his plan,” Mr Baker said.
“That’s all how it started out, he came here for a visit and fell in love with the Gold Coast.”
He said one option was to build a boutique hotel in Broadbeach.
“The plan is to look at developing a boutique hotel – subject to council approval of course – somewhere around the 19-storey mark.
“He only wants to do something high-quality … and something new for Broadbeach.”
Mr Baker said no plans had been lodged as yet due to the uncertainty caused by the COVID-19 pandemic, however Mr Osmena was working on plans “as we speak”.
“It is only very early stages at the moment.”
Mr Osmena is the eldest of 11 siblings and started his first business when he was just 14.
He later worked in the furniture manufacturing and export industry before venturing into tourism in the 1990s by founding Waterfront Philippines with a Malaysian businessman.