Main place to be in Broadbeach

A DEVELOPMENT site billed as the “best in Broadbeach” across the road from the Gold Coast Convention and Exhibition Centre is for sale.

Main Place is a nine-title 3275sq m site at 2709-2732 Gold Coast Hwy assembled by veteran developer John Potter between 2004 and 2008 at a cost of $39m.

Currently occupied by tenanted shops, the site holds approval for two 68-storey towers with a mix of 876 residential units and serviced apartments as well as 1700sq m of shops and offices.

There is also an option by way of reconfiguration of the current development application to incorporate a luxury hotel in the plans.

Kollosche’s Adam Grbcic and Tony Grbcic have been tapped to market the site in an expressions-of-interest campaign closing on May 19.

Mr Potter said he had decided to list the property due to the strong demand for apartments in Broadbeach.

“The supply of apartments in Broadbeach has severely dwindled down to a point where most projects have sold out,” Mr Potter said.

“I can’t think of anything around that has any volume of stock left in it.

“When the stock starts to dwindle down it sells faster towards the end.”

Mr Potter said the site’s position made it ideal not just for residential apartments but serviced units.

“As far as the serviced apartment market is concerned, Harry Triguboff’s Broadbeach building enjoys a very high vacancy rate.

“We believe that being opposite the convention centre we will end up with a high occupancy rate as well because we are closer to the action than he is.”

An unusual feature of the site sale is the 53,262 cubic metres of land owned by Mr Potter under the Gold Coast High Service Rd.