Main Beach Site Sold At Auction For $6.5 Million

A potential development site (STCA) in an absolute beachfront location at Main Beach on the Gold Coast has been sold at auction for $6.5 million.

The approximately 617 sqm block at 3513 Main Beach Parade, Main Beach, was sold under the hammer to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of an interstate owner.

Mr Willems said the site, which is currently occupied by a block of flats, attracted strong local, interstate and overseas interest.

“We had an extraordinary response to the marketing campaign with 76 enquiries from a wide range of potential purchasers including local and overseas-based investors as well as developers,” he said.

The property was offered for auction on February 25, 2016, at the Ray White Commercial Gold Coast auction event at the Gold Coast Turf Club.

“There was some spirited bidding before the property eventually sold under the hammer for $6.5 million,” Mr Willems said.

Mr Willems said the property currently comprises 2 x 3 bedroom apartments and 2 x 2 bedroom apartments.

“There is an option for the purchaser to continue to rent out the property or develop subject to obtaining approval,” he said.

“This is absolute beachfront land at Main Beach so it was highly sought after.”