Gold Coast ‘iconic trophy site’ trades in $8.5m mega deal

A foreign investor has splashed $8.5 million on an “iconic trophy site” on the northern Gold Coast.

The huge 1570sq m point position property, at 1-3 Howard St, Runaway Bay, was marketed as a “once in a lifetime” buy with Jackson Paradise and Michael Willems, of Ray White Prestige Gold Coast.

It included 75m of Broadwater frontage and is one of the largest residential land holdings in the suburb.

The property went under the hammer at Ray White’s mega auction The Event in January, where it passed in

“A foreign investor saw the value in the position and was bidding on it before it passed in,” Mr Jackson said.

“Negotiations then took place after and the property sold for $8.5 million.”

It is the highest price paid in Runaway Bay this year, although shy of the suburb record of $8.75 million, paid for 2 Shearwater Esplanade in 2012.

A buyer also paid a combined $11m for three blocks on Poinsettia Ave in 2007.

There is a beach shack on the site.

Property records reveal 1-3 Howard St last changed hands for $3.3 million in 2016.

A beach shack currently occupies the site and includes six bedrooms, four bathrooms and several living and entertaining areas.

There is a waterfront pool and barbecue areas along with a huge grassed area and palm trees on the property.

“It’s one of the best positions on the Gold Coast,” Mr Jackson said.

“It’s an unbelievable north-facing property with almost 80m of direct Broadwater frontage.”

The site has 76m of Broadwater frontage.

The property is zoned for medium intensity residential development which could include up to six dwellings on the site with a 9m height limit.

“The buyer isn’t exactly sure what they want to do with the site yet,” Mr Jackson said.

“They saw the value in the point position and the Gold Coast market as well,” Mr Jackson said.

The site also included a 16m pontoon, 13.5m jetty and 60m of street frontage.

“The property boasts endless possibilities and can serve as a blank canvas for a landmark home to be built, a sensational holiday home or site for future development,” the listing states.

“(It offers) magnificent water and skyline views from the Seaway north to Sovereign Islands.”

“All this only moments from some of the northern Gold Coast’s finest restaurants, cafes, shopping centres, schools, sporting precincts and Runaway Bay Marina.”

PropTrack data shows the average property in Runaway Bay sells for $1.65 million, up 10.9 per cent over the past 12 months.


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