Sky the limit in luxury

This Hedge’s Ave penthouse was too good to ignore for a Victorian property mogul and Gold Coast fan

VICTORIAN property mogul Colin DeLutis has splashed out $5.25 million on a luxury penthouse on the Gold Coast’s Millionaire’s Row.

The CEO of DeGroup and former vicepresident of the Carlton Football Club had been eyeing off the residence at 702/252 Hedges Ave, Mermaid Beach, since it was built in 2005.

“I know the building well as I’ve looked at it extensively over the years,” Mr DeLutis said. “I’ve been coming to the Gold Coast since I was a kid,” he said.

“Noosa is great and so is Byron Bay but I think the Gold Coast is even better. There’s just so much on offer, the restaurants and bars, it’s fantastic.”

Mr DeLutis said he planned to use the four-bedroom apartment as a holiday home and hoped to get up to the Coast once a month.

“I can’t wait to get up there and start using it,” he said.

Tolemy Stevens, of Harcourts Coastal, negotiated the sale and said it showed the strength of the luxury property market on the Gold Coast.

“This property sold within 14 days of hitting the market and shows just how robust the luxury market and in particular Mermaid Beach currently is,” Mr Stevens said.

“Hedges Ave continues to be renowned as one of the most sought-after streets in the state.”

The property last sold in January, 2017, for $4.8 million.

“Due to purchasing another property in a different state this penthouse now unfortunately became surplus to the vendor’s needs and they aren’t using it as much,” Mr Stevens said. “They have invested close to $100,000 on improvements.”

The two-level 758 sqm four-bedroom sky home offers views to the north and south of the Coast. It also has a rooftop terrace with a 15m lap pool and spa.

The property was once owned by former Coles boss John Fletcher, who paid $6.7 million for it in 2007.

702/252 Hedges Ave, Mermaid Beach has sold for $5.25 million.