The site of the approved La Mer residential development in Main Beach on the Gold Coast is up for sale.
The 751sq m site at 3580 Main Beach Parade, across the road from the beach in a corner position with direct ocean access via Beulah Lane Way and Tedder Avenue, is currently occupied by an apartment building with eight units.
It has development approval for a 25-level building comprising 21 whole-floor luxury apartments of 299sq m and one triple floor penthouse of 817sq m.
It is being marketed for sale by Knight Frank in conjunction with Kollosche via an Expressions of Interest campaign.
Marketing agent James Elliott of Knight Frank said the site was an exceptional opportunity for a developer to capitalise on a DA-approved and detailed architectural and construction-documented site.
“It is a turnkey project for an incoming developer, with the design development completed, construction documentation prepared and all marketing collateral complete and ready to take to the market, with holding income from the current improvements on the site in the meantime,” he said.
“The property is in a prime location for a luxury residential development, being in the prestigious suburb of Main Beach, and situated one street back from the beach, having direct access via Beulah Lane Way and Tedder Avenue.
“Very few beachside development opportunities remain in Main Beach, and the buyer demand for boutique luxury property close to the beach is strong.
“We have many buyers who would love to buy in the La Mer development, with strong enquiry and expressions of interest received during our recent marketing campaign.”
Apartments in the La Mer development were priced between $4 million and $17 million for the triple- story penthouse, sized at 817sq m.
Knight Frank’s just-released The Wealth Report 2023 found the Gold Coast recorded the highest luxury price growth of all the Australian cities over 2022 and was the fifth best performer in Asia-Pacific,
according to the findings of the Prime International Residential Index (PIRI) 100, which tracks movements in luxury prices across the world’s top residential markets.
The tourist mecca saw growth of 4.1 per cent, equal with Toronto, followed by Melbourne (3.5 per cent), Perth (1.3 per cent), Sydney (1.1 per cent) and Brisbane (0.2 per cent).
The Gold Coast is also forecast to have the highest price growth for luxury property, at three per cent, over 2023, followed by Brisbane (two per cent), Perth (one per cent), Sydney (zero) and Melbourne (-1 per cent).
The best value for money for luxury space in Australia is also on the Gold Coast, however, where US$1 million will buy 117sq m of luxury space, compared to 44sq m in Sydney, 87sq m in Melbourne, 104sq m in Perth and 111sq m in Brisbane.
Last year the Gold Coast had 1057 prime sales, higher than every east coast city, except for Sydney at 2673. Melbourne had 773 prime sales, followed by Brisbane (733) and Adelaide (297).
Mr Elliott said on the Gold Coast, Main Beach was growing in popularity in the luxury space.
“The suburb is undergoing a renaissance of luxury lifestyle offerings, including the soon-to-be developed Ritz Carlton Hotel and Superyacht Marina, proposed redevelopment of Marina Mirage shopping centre and state government Spit Master Plan,” he said.
Kollosche agent Adam Grbcic said there had been strong interest in the La Mer site from both local and interstate developers.
“Market sentiment has demonstrated confidence in Main Beach, which can be attributed to the Spit Master Plan, major retail and infrastructure projects and the resurgence of the retail precinct,” he said.
“Developer interest has been unprecedented, with significant levels of enquiry received since the site was released to the market two weeks ago due to the progress on the DA and the likely inability to repeat the current scheme.”
La Mer was set to be developed as a joint venture between local developers QNY Group and Polites Property. QNY Group director Anthony Quinn said he and JV partner Alex Polites worked collaboratively with council to craft a design that fit within council’s urban expectations, however the drawn-out approval process caused significant and inopportune delays.
“We fought long and hard to get the approval through, and we are proud of what we achieved. Our hard work and persistence have resulted in an incredible opportunity for another developer to deliver an iconic project on a landmark beachfront site at Main Beach,” he said.
“Alex and I have a long-standing relationship. We both have diversified interests that require our time and attention now, and we have therefore agreed that is in best interest of our current, active projects that we dedicate our time to bringing them to fruition, opening the door for another developer to capitalise on the planning and effort that we have already committed to La Mer.”
Following development approval, an ‘Other Change’ was submitted seeking Council’s approval for an additional six storeys. If approved this would enable the developers of 3580 Main Beach Parade to develop a 31-level tower and meet the intensifying appetite for expansive, multiple storey skyhomes on the beachfront.
The Expressions of Interest campaign for the property will close at 2pm (AEST) on Friday, March 24.
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