Central suburbs’ land package buy-ups

MILLIONS of dollars worth of developable sites have been amalgamated or sold across the Gold Coast’s central suburbs in recent weeks.

A private investor forked out more than $3m to secure 143 Surf Parade, Broadbeach from five separate owners.

Developer Raptis secured a 1546sq m site from 12 separate owners on George Ave for an undisclosed price.

It plans to transform the site into a high-rise unit complex.

Also under contract is 24 Monte Carlo Ave in Surfers Paradise, an amalgamation of nine individual lots on the 1495sq m site.

GV Property Group director Antonio Mercuri, who conducted the deal, said group sales were netting significant profits because of the limited amount of available land.

“Amalgamated sites present a rare opportunity for both developers and vendors alike and with the Gold Coast market heating up, larger blocks of land are few and far between,” Mr Mercuri said.

“Often these sites can take months to bring to market, as we work with groups of neighbouring vendors to provide comfort around the process and co-ordinate a campaign while representing all of their interests.

“We think the results speak for themselves.

“Across the board our vendors have seen uplift of anywhere from 30 per cent on retail prices that they may have achieved by selling individually,” he added.