Rare single-title apartment block with development potential for sale in Surfers Paradise

A rare single-title apartment block in Surfers Paradise with development upside has been listed for sale by Ray White Commercial Gold Coast.

The 506sqm freehold at 26 Sunrise Boulevard — a block of four residential units under a single title — will go under the hammer on February 22.

Agent Steven King says the property is close to the Surfers Paradise CBD and within walking distance of the G:Link. It is also in the city’s unrestricted height precinct.

“This is one of the very few single-title unit complexes available on the Gold Coast,” Mr King says. “Most others have multiple titles with higher holding costs.

“The residential complex is fully leased and also offers strong future development upside due to current record low vacancy levels here on the Gold Coast.”

The offering is expected to lead to a significant deal that will contribute to another big year for the Gold Coast commercial property market after total sales in 2017 more than doubled the previous year’s result.

High demand and rapid turnover propelled 2017 to a total of $1.33 billion in sales compared with $632 million in 2016, according to Ray White Commercial research.

All the units in the low-maintenance block have been renovated and face north and east with direct views to the Surfers Paradise skyline.

There is one three-bed unit and two two-bed units. The single one-bedroom unit has a study. The current rental income is $70,980 per annum.

“There is no body corporate, so there are no body corporate fees or requirements for body corporate approvals,” says Mr King, who is managing the campaign with Ray White Southport’s Simon Finlayson.

“However, there is also the opportunity to strata title.”

Mr King says the block’s High Density Residential zoning under the Gold Coast City Plan and its location in the unrestricted height precinct also provides ample scope to be developed into a sizeable residential project.

The property will be offered for sale via public auction at 11am on Thursday, February 22 2018 at the Gold Coast Turf Club, Racecourse Drive, Bundall.

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