A landmark residential development opportunity has been placed on the market by receivers
A high-profile site with existing retail and residential holdings at Broadbeach has been placed on the market, which is expected to have strong appeal to developers given its strategic corner location and existing development approval for a 46-level apartment project.
The property is being presented to the market via an expressions of interest campaign, by exclusive selling agents Steven King, Troy Linnane and Jackson Robinson of Colliers and Julian Sutherland of Sutherland Projects, under instruction from Receivers, John Park and Kelly Trenfield of FTI Consulting.
Located at 99 and 101 Old Burleigh Road on the corner of Armrick Avenue, the site spans approximately 1,283sqm.
It sits adjacent to the Broadbeach Bowls Club and Broadbeach Park and currently has development approval in place for 46 levels, comprising 59 apartments and communal facilities over two levels, together with ground-floor retail space.
“It’s an outstanding location that presents a potential buyer with a buy-and-hold or a buy-and-build opportunity to create a landmark development for the Gold Coast in one of the city’s most sought-after coastal suburbs,” said Mr King, the Director-in-Charge at Colliers.
“With an existing holding income and tenancy arrangements providing flexibility, this offering presents an excellent opportunity to capitalise on the strength of the Gold Coast property market, where demand continues to exceed supply.”
“We’re expecting this property to draw significant interest from local and interstate buyers.”
The current development approval comprises a range of apartments, including 36 with three-bedroom layouts, 22 with four-bedrooms and a five-bedroom penthouse with its own home theatre, home office and four bathrooms.
Residents will share resort-style facilities across two distinctive levels, including pool and outdoor amenities such as pool deck, dining area and bar, barbecue area and gym on level three, and the sky lounge on level 44, which will include a cinema, private lounge, private dining area, fireplace, wine bar and cellar.
The prime location, just a short walk from the beach, offers excellent view corridors towards the ocean and beach to the southeast and expansive hinterland views to the southwest.
It is also within 1.5km of major lifestyle and transport hubs, such as Pacific Fair Shopping Centre, Oasis Shopping Centre, The Star Casino, Gold Coast Convention Centre and the Broadbeach G-Link Tram Station.
“The site is currently under utilised and presents the potential for significant upside with the current development approved concept design,” said Mr Sutherland, director at Sutherland Projects.
“The property is located within the Gold Coast’s Central Precinct, which is currently dominating the market in terms of new apartment sales and remains one of the city’s hottest markets for lifestyle buyers.”