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Palm Beach Site on Market for First Time in 30 Years

Palm Beach Site on Market for First Time in 30 Years

A substantial site with redevelopment potential (STCA) on a prime corner position at Palm Beach on the Gold Coast is on the market for the first time in more than 30 years through Ray White Commercial Gold Coast.

The approximately 2.053 sqm site over five amalgamated lots at 1449-1457 Gold Coast Highway, Palm Beach, is being offered for sale via Tender by Ray White Commercial Gold Coast’s Michael Willems and Steven King.

“This corner positioned development site is a tremendous opportunity for developers and it is offered for the first time in 30 plus years,” Michael Willlems said.

“The site offers dual street corner frontage to Twenty Seventh Avenue and Gold Coast Highway and current improvements include five older style dwellings which offer current holding income of more than $100,000 per annum.”

Steven King said the development opportunity is within casual walking distance of popular local cafés and restaurants and is close to the Palm Beach CBD and the Burleigh Heads CBD.

“Any proposed development for this site will benefit from the recent ministerial approval for an added height limit,” Steven King said.

“This has increased from seven storeys to a new maximum storey height limit of 29m which can facilitate unit developments of up to approximately 11 storeys.

“The site is included in the Medium Density Residential Zone of the Gold Coast City Plan. The Medium Density Residential Zone is intended to provide for a range and mix of dwelling types including dwelling houses and multiple dwellings supported by community uses and small-scale services and facilities that cater for local residents.”

Steven King said the Palm Beach local area is regarded as one of the Gold Coast’s best performing and high demand residential market places.

“The area is located quietly away from the tourism and entertainment precincts yet close enough to travel to if required,” he said.

Tenders close at 4pm (AEST) on Thursday, August 11, 2016.

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