Owners strike gold in Hibiscus bonanza
BEACHFRONT Main Beach tower Hibiscus is under contract to a Melbourne developer for $30.5m after a ‘painstaking’ amalgamation exercise.
The buyer plans to replace the early 80s tower with a $200m top-shelf development that will represent his Gold Coast property debut.
The unnamed developer’s buyout, which is subject to a due diligence period, will see the owners of the 23 Hibiscus apartments receive an average of $1.32m.
That is $602,000 more than any owner in the building paid for their apartment, with the exception of the $1.1m penthouse.
Among the winners will be a buyer who snared an apartment for $670,000 at a mortgagee auction four weeks ago.
The rate being paid for the 1335sq m Hibiscus site, which comes with a tennis court and wide beach frontage, is $22,850 a square metre – more than has been paid in a developer splurge on absolute beachfront sites in Surfers Paradise.
The Hibiscus amalgamation was initiated by some of the owners several months ago when they engaged Michael Kollosche and prestige agent Harry Kakavas, of the Kollosche agency, to attempt it.
Mr Kakavas, who introduced the buyer, yesterday said the successful outcome was the result of a painstaking six months’ work.
“The buyer’s intending to develop a high-end boutique building that will blend into the character of the area.
“He’s no stranger to quality developments of this nature.”
Mr Kakavas said Main Beach was experiencing a resurgence in popularity and there was a real buzz in the air.
The Hibiscus came into focus in April when Gold Coast developer Dean Pask lobbed in a $25m offer for the property.
Mr Kakavas, who was involved in the amalgamation of the Four Corners beachfront property on Main Beach Pde, said one other Gold Coast party joined the Hibiscus quest.
Car dealer Greg Eastment is planning a luxury $100m 17-floor tower called Amani on the Four Corners site, which is north of where developer Danny Andrews has started another topshelf tower, Dune.
An array of other tower projects are underway or planned on non-beachfront Main Beach sites, including one by developer Jim Raptis on Main Beach Pde.