Real Estate

Eye-watering price hopes for bare block on Gold Coast’s “millionaires’ row”

Eye-watering price hopes for bare block on Gold Coast’s “millionaires’ row”
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 02:00:00

How much would you pay for this beachfront block?

A bare block of land in Mermaid Beach’s illustrious “millionaires’ row” has hit the market with a hefty $4.5 million price tag.

The skinny beachfront site at 49 Hedges Ave is 405sq m and one of the last vacant lots on the strip.

49 Hedges Ave, Mermaid Beach, is on the market with a $4.5 million price guide.

The site is listed through Harcourts Coastal Broadbeach agent Tolemy Stevens and Tony Velissariou of Tony V.

“It’s the ideal opportunity for someone to build their dream home on the beachfront of Mermaid Beach, regarded by many as Australia’s No. 1 beachfront destination,” Mr Stevens said.

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The block and its neighbour at No. 47 were bought as a pair by veteran property developer John Potter in 2016.

He splashed $7.7 million on the double block and had plans to build a multi-level apartment building, at one stage saying each apartment would have a $7.5 million price tag.

However, in 2017 he told the Bulletin his plans had changed and he had decided to sell the blocks separately.

The property next door, No. 47, sold for $4.6 million in late 2017 to Highgrove Bathrooms founder Lindsay Sinclair, who had plans for a tri-level mansion, but it remains vacant.

Mr Potter will realise a $1.4 million profit if No. 49 achieves its price guide.

47 Hedges Ave, Mermaid Beach, sold for $4.6 million in 2017.

“No. 49 is already priced under next door which represents good value for money,” Mr Stevens said.

“We are starting to run out of these vacant block opportunities and so many buyers want property on the sand.”

Mr Stevens said five of his last six sales on millionaires’ row were to interstate or international buyers and totalled more than $25 million.

“In the softer market that Australian real estate is experiencing, the Gold Coast is now seeing the demand outweigh the supply,” he said.

“In particular we are seeing more Sydney and Melbourne buyers starting to look closely at our blue-chip positions as it is a great place to invest in due to the spectacular value we represent.

“Interstate buyers are getting bang for buck here.”

The double block was originally home to the “Elephant House”, which was knocked down by property investor John Pilkington in 2012 after he bought it for $9.5 million from former AFL footballer Rod Galt.

Milk magnate Ken Lacey, entertainment entrepreneur Michael Edgley, singer Diana Ross and Gold Coast bookie Terry Page also have links to the property.