Surfers Paradise sites trade for c$50m
Developers have swooped on two beachfront Surfers Paradise sites in deals worth a total of c$50 million.
At 75-79 Garfield Terrace, on the south east corner of Enderley Avenue, BMD Group director Mick Power is banking $30 for a 1499 sqm plot comprising a standalone home and the low-rise Faraway Lodge unit complex.
The incoming owner is speculated to be Sydney-based Weiya Holdings, which in 2018 paid $18m for Burleigh Heads’ Old Burleigh Theatre, now the subject of a 14 storey apartment project.
An upmarket residential development is also planned for the Surfers Paradise parcel.
CBRE’s Mark Witheriff and Rem Rafter marketed 75-79 Garfield Tce; the sale price reflects a record high land rate of $20,013.
Mr Power and his wife, Denise, acquired the holding between 2004 and 2007.
The vendors own the seven storey The Premiere apartment complex, on a c1000 sqm site, next door.
Anglesea Court
Meanwhile, at 9-11 Garfield Tce, the six-storey Anglesea Court apartment block is trading for c$20m.
On a 1037 sqm HX (Unlimited Height) zoned site, it came permit-ready for a 16-level hotel with 115 suites and three food and beverage tenancies.
Ray White Special Projects’ Matthew Fritzsche, Mark Creevey and Tony Williams brokered the deal.
The property was listed via a different agency 15 months ago, also with $20m price hopes.
The 18 strata titled units within Anglesea Court were amalgamated by Sydney developer Lawrence Ryko two years ago (story continues below).
They presently return an annual gross rent of $383,240.
The site is about 1.5 kilometres from Cavill Avenue.
Elsewhere on the street
Between these two sites, Sammut Developments in partnership with Alceon Group is seeking to replace a 10-storey hotel, Garfield on the Beach, with a 35-level luxury apartment complex, Coast.
That parcel, 43 Garfield Tce, sits between the BMD Northcliffe Surf Club and Sydney Hamilton Family Park.
A little north – David Devine is planning a $340m high end residential complex on the site of the Surfers Royale Resort.
At 7-9 Northcliffe Tce – which is the road Garfield Tce becomes north of Enderley Ave – it would rise 38 floors with 108 apartments.
The average unit price is set to be $3m.
Mr Devine acquired the 2251 sqm site earmarked for the project from Macroland Developments in 2017.
The outlay – $45m – reflected a rate per square metre of $19,991.
Subscribe to our newsletter at the bottom of this page.
