Southport Site Sold for $1,505,000

Southport Site Sold for $1,505,000

A substantial vacant site with previous DA approval for a residential/retail development at Southport on the Gold Coast has been sold at auction by Ray White Industrial M1 North for $1,505,000.

The Les Nichols-owned property at 58 Brooke Avenue, Southport, was sold under the hammer to local developer Steve Coe by Debbie Phillips of Ray White Industrial M1 North.

Debbie Phillips said the marketing campaign for the site attracted more than 20 inquiries and there were six registered bidders involved in the auction at the Gold Coast Turf Club, Bundall.

“Bidding at the auction started at $600,000 and there was keen competition for the approximately 1517 sqm site on three titles,” she said.

“The block had a previous DA approval for an approximately 655 sqm ground floor area plus 4 x 3 bedroom apartments over two levels.

“This DA has now expired and a new approval would be subject to an application and Gold Coast City Council approval with the proposed use for retail, office or residential purposes.

“The purchaser intends to seek a new DA for the site.”

Debbie Phillips said with the Gold Coast to host the 2018 Commonwealth Games, approximately $200 million is being invested in new sporting infrastructure including the Athletes Village and Aquatic Centre in Southport.

“Southport will be a central focus during the Games when it hosts swimming and diving competitions as well as marathon and triathlon events from the Southport Broadwater Parklands,” she said.

“Following the Games, the Athletes Village will become home to more than 3,000 residents and this is making investment in Southport extremely attractive.”

Nichols Constructions has operated from the Gold Coast for more than 20 years, initially building canal front homes but more recently focussing on multi-level units.