Nov
20

Gold Coast tower site sale: Investors snap up prime Southport site for $4.2M

GOLD COAST BULLETIN

A Sydney investor has offloaded another Southport development site for $4.2 million, just months after selling three other blocks for $3.02 million.

 

A SYDNEY investor has offloaded another Southport development site for $4.2 million, just months after selling three other blocks for $3.02 million.

The most recent sale involves five parcels at 14-16 North St and 24-28 Norman St, which sold for $4.2 million to Gold Coast and Brisbane-based investors. The seller was JTLD Investments Pty Ltd, linked to Sydney investor Jian Ren.

The sale of the property, which spans 2466sq m, represents $1703 per square metre.

A Gold Coast property agent familiar with the site said it was an “excellent” price for the site.

“Anything over $1500sq m is a good price,” he said.

 

14-16 North St and 24-28 Norman St (yellow outline), Southport has sold.

14-16 North St and 24-28 Norman St (yellow outline), Southport has sold.

 

The site is in the Southport Priority Development Area next to a 35-level apartment project under construction by Phil Usher on the corner of Marine Pde and North St.

Marketing agent Amir Mian, of Amir Prestige Property Agents, said the buyer is planning a residential housing project on the land, which has no height limit.

There are no current development approvals for the property.

“These sites are very few and far between,” Mr Mian said.

“I have another buyer and I cannot find a similar site for them.”

 

14-16 North St and 24-28 Norman St (yellow outline), Southport has sold.

14-16 North St and 24-28 Norman St (yellow outline), Southport has sold.

 

Another company owned by Mr Ren has sold three parcels on Eugaree St in Southport.

The blocks, also within the Southport PDA, span 2978sq m from 35 to 39 Eugaree St and sold for $3.02 million or $1014 per square metre. Three houses in “knock down” condition are located on the land.

The two blocks at No. 37 and No. 39 sold in June for $2.152,545, $397,455 than the previous sale price in 2016. The 35 Eugaree St property sold for $867,455, $407,545 less than the last sale price. In 2005 plans were approved to demolish the home at No. 35 and replace it with four units. The approval lapsed in 2011. The new owner of the Eugaree St holdings is Wang Sisters Pty Ltd, linked to Melbourne residents Xuefei Jiang and Mengchun Wang.

 

Source: 20 November 2019 – https://www.goldcoastbulletin.com.au/business/gold-coast-tower-site-sale-investors-snap-up-prime-southport-site-for-42m/news-story/383037fbac71d667a11c2357ffb391f0

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