Melbourne businessman trebles outlay selling prominent resort
Moose Toys chief executive officer Paul Solomon is recording a major windfall selling Miami’s Nalu resort after eight years and a renovation.
Following an off-market deal struck direct, local developer Monaco Property Group is paying $70 million for the 7238 square metre holding, 122-130 Marine Parade, with 80 metres beach frontage.
A luxury high-density apartment project is expected after the expiry of rental agreements affecting some units.
This pocket of the Gold Coast is about eight kilometres south of Surfers Paradise.
Next chapter for Nobby’s Outlook
The Miami property last traded for $23.75m; developed in the 1970s as Nobby’s Outlook, it contains a square shape double storey building with 46 dwellings – a mix of two and three bedrooms – and two swimming pools.
Mr Solomon renamed it Nalu after the renovation.
Monaco, associated with local developer Jonathan Grasso and businessman Jay McPhee – the latter which also holds commercial real estate, plans to replace it with a taller structure also with 46 dwellings – a mix of two and three bedrooms.
Most be retained as long term rentals.
Penned by Koichi Takada Architects, and presently with council for review, the distinctive curved project would retain the Nalu name.
Elsewhere on the Gold Coast it is behind the Capri Villas project, with 48 apartments, at Isle of Capri – where we are reporting today Mulpha has sold a retail and office investment for $85.5m.
Subscribe to our newsletter at the bottom of this page.
