Multiple buyers contest rare Palm Beach site as it sells for $17.5 million  

Competitive EOI campaign highlights demand across the southern Gold Coast

A landmark site on the southern Gold Coast’s Millionaire’s Row drew offers from eight bidders after the first round of its Expressions of Interest (EOI) campaign, ultimately selling for $17.5 million.

The 2185sqm dual street-frontage site at 62-64 Jefferson Lane came to market as part of a deceased estate after being held locally for the best part of 40 years.

Sandwiched by the Gold Coast Highway, it represented a rare site of scale along one of the coast’s most sought-after strips of coastline, sparking strong interest from residential development groups as well as landbank investors, both local and interstate.

JLL’s Sam Richards and Tim Jones brokered the deal with CBRE’s Mark Witheriff and Hayley Manvell.

Mr Richards said it was one of the most strongly contested development site campaigns of the year, yielding eight competitive offers that resulted in a cash unconditional contract on second-round close.

“Groups recognised the rarity of the offering, as there are so few opportunities of this scale on the prized eastern side of the Gold Coast Highway,” he said.

“While the development sector has some current challenges with increased construction costs, tier one sites such as this which lie a stone’s throw from the water remain an attractive proposition given the revenues you can achieve once built.

“Everyone wants to live as close as they can to the beach – it’s as simple as that.”

Mr Witheriff noted the site – currently occupied by a mix of commercial and residential – lay between two separate beach access points less than 100 metres away.

Other nearby attractions include a vibrant mix of food, beverage and retail, while the long-term transport horizon included light rail and the upgrading of the highway, enhancing accessibility.

“When you look at what developers are unveiling across the region, the ever-growing pipeline of projects focused on Palm Beach speaks both to its desirability for residents and the wider appeal of the southern end of the coast,” Mr Witheriff said.

“It’s an area where we expect demand to continue to tighten.”

The purchaser, Tim Gordon’s Gordon Corp and the Matheson family, plan to develop 62-64 Jefferson Lane with a nine-level, 47-unit luxury development called Jefferson Residences, marking their first joint foray into the southern coast.