Palm Beach development site sells $50,000 over reserve

A BOUTIQUE development site just 150* metres from the pristine beaches of Palm Beach has sold for $750,000 under the hammer at 1466 Gold Coast Highway.

With a 405sq m* land area, the asset sat on a corner block and offered a fantastic north-east aspect to the ocean, and provided never-to-be-built-out beach views.

The development site was marketed and sold by award-winning Ray White Commercial Gold Coast duo Jared Johnson and Lachlan Marshall.

Mr Johnson said it was a very active campaign throughout with interest coming from both local developers and boutique builders.

“We had more than 45 enquiries throughout the campaign and that culminated in having eight registered bidders on the day,” Mr Johnson said.

“The opening bid started at $400,000, and it took another 20 bids to climb all the way up to its sale price of $750,000, $50,000 over the vendor’s reserve.

“Given the popularity of Palm Beach, it was no surprise how well the auction went, and the local accountant vendor was very pleased with the outcome.”

Mr Marshall said Palm Beach was one of the trendiest beachside suburbs on the Gold Coast with a huge amount of development taking place.

“You only have to step outside and look to the sky to see at least a dozen cranes so there’s no doubt that now is the time to buy in this beautiful area,” Mr Marshall said.

“The buyer, a local dentist, plans to hold the asset for the next 12-24 months before taking advantage of its potential and developing the site.

“It’s an exciting time for this section of the Gold Coast.”

*Approximately.