Real Estate

Bare Gold Coast block sells in eye-watering $9.4 million deal

Bare Gold Coast block sells in eye-watering $9.4 million deal
Written by The ReReport
As seen in the Source link, written by on 2019-11-08 18:30:00

A vacant Paradise Waters block has sold in an eye-watering deal.

A CASHED-up Gold Coaster has splashed more than $9 million on a bare block to build their dream home.

The neighbouring pieces of land at 126 and 151 Commodore Drive, Paradise Waters, combine to offer a large 3369sq m waterfront parcel.

The site sold for an eye-watering $9.4 million.

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The pair at 126 and 151 Commodore Drive fetched $9.4 million.

Kollosche agents Ryan Ward, Josh Longhitano and Nick Lapenna inked the deal.

“It didn’t really hit the market, we had a buyer in the wings chasing that style of block and as soon as we knew it was available we went out to our Kollosche database,” Mr Ward said.

“It was a local buyer and they are interviewing architects at the moment.

“They don’t know if they are going to build on the whole block or a portion of it.

“They couldn’t find what they wanted in a home so decided to purchase the land and build.”

The “extremely rare block” was offloaded by Chinese vendors who had to sell for financial reasons.

“Their money has been held out of Australia by the government so they were put in a position where they had to sell,” Mr Ward said.

“The bought the land, the laws changed and they couldn’t keep going.”

Mr Ward said the deal set a record as the highest residential land sale this year.

“There seems to be a bit of confidence in the market now since the election and smart money is sticking to property,” he said.

CoreLogic records show the site last sold for $9.2 million in 2016.