The unit block in coveted Mermaid Beach was the prize in the RSL Art Union’s first Golden Treasure draw.
The winner of an entire block of units has struck it rich again, almost 30 years after his lucky break, as the beachside apartments sold under the hammer for $5.6m.
Ross Rusling was working in remote Arnhem Land in NT’s Top End when he learnt he had won the block of seven units at Mermaid Beach in the RSL Art Union’s first Golden Treasure lottery draw.
Mr Rusling swiftly ditched the outback and moved into the ocean-view penthouse, where he has since remained and rented out the remaining strata-titled apartments.
The apartments are just one block back from the beach.
Five units are currently rented, returning an income of $2,300 per week, while the block’s potential estimated rental return is a cool $3,890 per week.
After 27 years, the coveted 809sq m corner block at 54-56 Albatross Ave sold for the first time at a hotly contested auction following a marketing campaign by Luke and Andrew Henderson, of the Professionals.
Luke Henderson said a huge crowd turned out for the big event, with 14 mostly local or Brisbane-based registered bidders and an opening play of $3.5m.
Mr Rusling lived in the penthouse for 27 years and rented out the other six units.
Ocean views from the penthouse.
A Coast resident made the winning $5.6m bid and the buyer planned to replace the original units with a boutique development.
“This was an incredibly rare opportunity to own an entire block of units in such a prized location,” Mr Henderson said.
“It’s hard to find a double block on a north-east facing corner, and then you’ve also got strong rental returns, so it was always going to be popular and it didn’t disappoint.
“We had a massive crowd at the auction. It would have been roughly 150 people in attendance, blocking traffic and everything,” he said.
There’s three two-bedroom units on the ground and first floors.
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Built in 1994, the four-level unit block was named Golden Horizons and sits across the road from the surf and minutes from Nobby Beach’s trendy cafe and dining strip.
There’s three two-bedroom units on both the ground and first floors, and the three-bedroom, two-bathroom penthouse with a covered entertaining deck, as well as basement parking for 11 cars.
Great spot to soak up the Gold Coast sunshine.
Mr Rusling admitted feeling nostalgic over the future of the units after maintaining them for so long, but was glad to sell while the market was hot.
“I would love it to stay the same but it’s more likely that someone will knock it down and build something new,” he said.
“I don’t have any control over it once I let it go. That’s just the way it is.”
He planned to purchase a larger house somewhere closeby.
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