The beachfront double block at 105-107 Jefferson Lane, Palm Beach will be auctioned on September 15.
An oceanfront site approved for a nine-storey apartment tower at Palm Beach is causing a stir among developers nationwide ahead of going under the hammer this month.
The prime 1,110sq m site with 20m of beach frontage at 105-107 Jefferson Lane has drawn widespread inquiry from interstate buyers keen to capitalise on high demand for luxury apartment living on the southern Gold Coast.
And right next door, another 564sq m block at No. 103 is also up for grabs after passing in at auction for $5.8m in August.
The eight-apartment tower approved for the double block.
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No. 105-107 is marketed by Hanan Cawley, of Harcourts Coastal Prestige. He said the holding was the only absolute beachfront block of its size on the market anywhere between Coolangatta and Surfers Paradise.
An original four-bedroom, two-bathroom house stands on one half of the block, with the other side cleared aside from a garden shed and greenhouse.
The plans included seven full-floor apartments, catering to demand for high-end beachfront living on the southern Gold Coast.
Local owner Raymond Wilkie received council approval for a 29m high tower comprising seven full-floor, three-bedroom apartments and one two-bedroom unit, with gym, pool and barbecue facilities along with a communal beachside area and basement parking.
Mr Cawley said inquiries had run hot since the property was listed for auction after Mr Wilkie opted not to proceed with the project.
“I’ve had just about every developer around the country on the phone, with about 75 per cent of the interest from interstate,” Mr Cawley said.
Where in the world could you find a better backyard?
He said the prospect of also securing the neighbouring block was another carrot for cashed-up buyers.
No. 103 is marketed for sale via an expressions of interest campaign with Daniel Donovan and Conner Malan, of Ray White.
Mr Donovan said the potential triple block holding had sparked renewed buyer interest since the auction.
“With next door being on the market inquiries have definitely picked up with some developers looking at potentially amalgamating all three blocks,” Mr Donovan said.
103 Jefferson Lane passed in at auction at $5.8m
A three-bedroom home currently stands on that site, with no application for its re-development yet made to council.
While a smattering of original beach cottages remain on the prestigious stretch, their numbers are dwindling as owners take advantage of the Coast’s hot property market post-pandemic.
Recent sales include a 575sq m block at No. 99 Jefferson Lane, which changed hands in July for $5.2m; and another 1950s weatherboard home at No. 259 which sold for $4.967m.
Will a developer snare a lucrative triple-block holding on the prestigious oceanfront stretch?
Palm Beach’s current residential sales record stands at $6.1m for an original beach house at 135 Jefferson Lane, which was snapped up in April by an interstate buyer.
The site at 105-107 Jefferson Lane will be auctioned onsite on September 15.
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