Another original changes hands

This Tugun property was owned by the same family since 1960

A LOCAL family from Tallebudgera have fought off a developer among other parties, to take ownership of an original beachfront property in Tugun, which they secured through private treaty for $3.1m.

Consisting of two three-bedroom apartments, 22 O’Connor St was owned by a Brisbane family, who acquired the 405sq m block in 1960. At the time is was the cheapest piece of land along the Gold Coast beachfront.

The family built a pair of apartments, using one as their holiday home and renting out the other.

Marketing agent Madonna Delaney, who owns her own agency, said it was an emotional sale, “the owners had tears in their eyes”.

Mrs Delaney said the property’s most valuable selling point was that it has access from the rear lane.

“It is one of only four in the street with access, which eliminates the need to use the front of the block, on the beachfront, for a garage,” she said. “You just can’t find these properties anymore and it helped to push the sale price $100,000 above where the owners expected. It also doesn’t have the surf club blocking the view like some of the other properties on O’Connor St.”

Situated in a medium density zone, the property could be developed into a threestorey trophy home or boutique apartment building with up to nine bedrooms and a maximum height of 15m.

Using the rear access, it is less than 100m to the restaurants, cafes, shops and services of Tugun Village.

Despite sending out multiple contracts and fielding inquiries from Sydney, Melbourne and Brisbane, Mrs Delaney said the successful buyers fought hard for the property, which they would initially do up and use as a weekender, but eventually wanted to build a dream home on the block.

Generally Mrs Delaney said that the market, while still strong, had not been as frantic in the past week or so.

“Agents are still fighting for listings and while there is still low supply and high demand, and low interest rates mean it is cheaper to buy than rent, then the market will remain strong, but it’s certainly less frenetic,” she said.

“I’m still getting people ringing me up, asking about properties and trying to get in before they hit the market, but the past week feels less frenzied.

COAST ORIGINAL: 22 O’Connor St has been sold to a local family who wants to make it their dream home