A block of beachfront units will be demolished to make way for a new multimillion-dollar property after selling for more than $2 million at the weekend.
The Currumbin residences on Pacific Parade sold under the hammer for $2.767 million. Gold Coast-based buyers snapped up the 1960s-built property, which has four units and is on one of the Coast’s most tightly held beachfront addresses.
Marketing agent Troy Dowker, of Ray White Mermaid Beach, said they had big plans for the site.
“They might just do a little renovation on the flats but their main plan is to redevelop the site,” he said. The property was on the market for about a month before Saturday’s auction and attracted a number of interested buyers. “There were four registered bidders, three participated,” Mr Dowker said.
The building is on a 559sq m block and is in its original condition. It has three two-bedroom units and one one-bedroom unit over two levels, each of which has uninterrupted views of the ocean.
It was advertised as either a development project or investment property with the potential for four separate incomes. It is a popular spot because of its proximity to the Currumbin estuary as well as one of the Gold Coast’s most famous surf breaks, The Alley.
Property records show it last sold in 2015 for $2.395 million. They also show some traditional beach houses on the Currumbin street have sold for more than $4 million over the years. That is well above the suburb’s median sale price, which latest CoreLogic data shows is $970,000 for a house and $500,688 for a unit.
It wasn’t the only property to sell under the hammer on the weekend.
Another classic beach side unit at Mermaid Beach sold at auction on Saturday for $417,000. Marketing agent Guy Powell, of Ray White Mermaid Beach, said eight prospective buyers registered to bid on the Petrel Ave property.
“There were eight bidders, five active,” he said. A first-home buyer snapped up the popular property. “(He’s) a local guy, he plans to renovate it,” Mr Powell said. He said in his listing that it was the first time in 22 years the property had come on the market.
A two-bedroom Palm Beach unit also sold under the hammer for $334,000 at 4/1003 Gold Coast Highway. Marketed by Nic Mckewin of Ray White Mermaid Beach.
Read the original article here as published on www.realestate.com.au