An interstate developer has dropped $14.025m to acquire three neighbouring sites along Palm Beach’s evolving beachside strip.
NSW-based Samy Saad, of Daascon, secured the first 825sq m block at 1177 Gold Coast Hwy for $6.3m in June, before owners of the two properties to the north, each on 412sq m, also agreed to sell.
Mr Saad’s total outlay for the amalgamated 1,649sq m holding was the highest sale in Palm Beach this year, eclipsing the $13.51m sale under the hammer of an oceanfront development site on Jefferson Lne in March.
The latest off-market deal was negotiated by Luke Reaby, of GV Property Group, who said every vendor at least doubled their purchase price, with some of the original unit owners pocketing tenfold capital gains or even more.
An ageing block of six units stood at no. 1177, with a house on each of the other two blocks.
“As soon as 1177 Gold Coast Hwy was sold I approached the two sites directly to the north,” Mr Reaby said.
“The deal was wrapped up off market in a few weeks and was a tremendous result for the area and for the fortunate vendors and their families.”
The site has been earmarked for a “luxury landmark development” designed by BDA Architecture, whose other local developments include the Seaclusion tower on Twenty-First Ave, which is currently in pre-sales.
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Daason’s project is expected to tap into demand for high-end apartment living in the thriving southern Gold Coast hotspot, but with a more affordable price point than absolute beach front.
Daascon managing director Samy Saad said the project would be the company’s first on the Gold Coast.
“The site’s beachside position along Jefferson Lne and a stone’s throw to the ocean is what we all love about the Queensland lifestyle – a home in the sun by the sea,” he said.
Mr Reaby said the site offered 40m frontage to Jefferson Lne.
“The opportunity to obtain over 1,648m2 of land in Palm Beach is becoming more and more scarce by the day,” Mr Reaby said.
“We constantly monitor the stretch and believe this is one of the few possibilities remaining on the beachside of the highway.
“The quadruple block provides a 40m frontage to Jefferson Lne and will allow the developer to create something that is unrivalled — both in terms of amenity and luxury,” he said.