Entire beachfront apartment project on sale
Written on the 2 December 2013 by Gold Coast PR company Consulting Hall
AN entire apartment building on the absolute beachfront on the Gold Coast’s exclusive Millionaire’s Row is set to be sold.
The 17 different owners of the apartments in the three-storey Mermaid Lodge apartment building at 2 Heron Avenue have all agreed to sell their properties at the same time.
The group sale of the 2112sqm property is the brainchild of the building body corporate chairman Fred Gillett, a retired businessman turned charity board member.
Mr Gillett said he had owned his apartment in the building for 29 years and a lot of the other owners had also owned the apartments for similar periods of time.
Mr Gillett, who is now in his 70s, said when he made the decision to sell his apartment he realised that a number of the other owners were also planning the same move.
So over the next three months he contacted all the owners, who are spread throughout Australia, and they hatched a plan to sell the entire building in one line.
Mr Gillett said the owners all agreed the time was right to sell because interest rates were low, buyer confidence was improving and demand for beachfront properties was returning.
The sale also comes at a time the Mermaid Beach property is experiencing a surge because of the Commonwealth Games, which is due to be held on the Gold Coast in 2018, and the construction of the light rail system along the Gold Coast Highway.
Agent Luke Henderson of John Henderson Professionals Mermaid Beach said it was incredibly rare for owners of apartments in established buildings to team up to sell their properties.
“Our family has been in real estate along the beachfront on the Gold Coast for 40 years and we have never experienced a similar case,” said Mr Henderson.
Mr Henderson said he agreed the market for beachfront properties on the Gold Coast was rising and that the apartment owners could benefit greatly by selling in one line.
“By agreeing to sell in one line, the owners have created a once in a lifetime buying opportunity for a range of potential buyers,’’ said Mr Henderson.
“For example, the buyer could be a cashed up investor looking for big rental returns and capital growth or it could simply be a person looking to buy a large beachfront block where they could build their dream house.
“Alternatively it could be developer looking to knock down the building and to start afresh.
“The site could potentially be subdivided into four separate beachfront home lots or under current zonings become home to a new three storey apartment project.
“A developer might also try to gain approvals for projects that are higher than three storeys because low-rise towers of up to six storeys have previously been approved in the area.”
Mr Henderson said the current building contained 17 apartments, comprising three three-bedroom apartments and 14 two-bedroom apartments.
He said the property had 40m of frontage to the beach and 52m of frontage to Heron Avenue.
For further information contact Gold Coast public relations firm Consulting Hall on 1300 694 777
Author:Gold Coast PR company Consulting Hall