105-107 Jefferson Lane, Palm Beach
AN original beach shack has sold to an interstate family for $16.5 million, smashing the suburb record in the southern Gold Coast development hotspot of Palm Beach.
The cottage on a 1,110sq m double block with 20m of beach frontage at 105-107 Jefferson Lane had passed in at $13.35m when it went under the hammer in September last year.
Local owner Raymond Wilkie held out for a higher price as developers around the country circled in pursuit of the prime holding.
Marketing agent Jamie Bourke, of Bourke Prestige Agents, rewarded Mr Wilkie’s tenacity this week, negotiating the eye-popping final sale price.
Location, location
The suburb is known for its trendy village and beautiful beaches
Mr Bourke said the sale would settle by Christmas, with the Sydney-based family planning on staying for the holidays while they contemplated plans to build a dream home on the site.
“They plan on staying there and having a bit of fun over Christmas — maybe even a demolition party,” Mr Bourke said.
“Everyone thought $13m was pretty big money last year and it was a record at the time, but Ray wanted more and he ended up getting it.
“Ray is still there now, but he’s bought himself a unit to retire to so he’ll move there before Christmas and put his feet up,” he said.
Mr Bourke said the landmark sale demonstrated continued demand for beachfront real estate on the southern Gold Coast, with more than 100 inquiries received during the campaign.
The site had development approval for a tower already in place
It’s the highest price paid for an original beach shack on the southern Gold Coast
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Mr Wilkie had previously received development approval for a nine-storey apartment tower at the site.
A partially renovated four-bedroom home currently stands on one side of the block, with the other given over to a huge vegetable patch, lovingly tended by its owners.
“Ray and his wife have lived there for 15 years and she has quite the green thumb. That veggie patch is worth half of $16m, so it would have to be the dearest veggie patch in the Gold Coast, if not in Australia,” Mr Bourke said.
The previous suburb record was set at $13.51m with the sale of another double beachfront block at 215-217 Jefferson Lne, formerly owned by ex-VIP Petfoods owners Tony and Christina Quinn.
That 817sq m holding was marketed by Kollosche agents Troy Dowker, Tony Grbcic and Adam Grbcic.
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