Prestige apartment returns owners huge windfall in two years after stunning renovation

A high-end apartment in a landmark Gold Coast building has sold for almost $1.2 million more than it was bought for just two years ago.

The property at 22A/1 Albert Avenue in Broadbeach was on the market for barely four days before a mammoth contract was secured for the two-bedroom, two-bathroom unit on the 22nd floor of the Beach Haven building.

The apartment boasts spectacular ocean views that will never be built out. Picture:

Selling agent Kylie Dowse from Broadbeach Luxury Sales said the vendors have just finished an extensive Hamptons-inspired renovation and had the property styled by an interior decorator.

“No expense has been spared in the extraordinary and painstaking renovation,” Ms Dowse said.

And the building itself –constructed 39 years ago in the prized suburb of the Gold Coast – also underwent a $7.5 million two-year restoration, which was completed last year.

The vendors undertook a high-end renovation of the apartment. Picture:

The complex features three swimming pools, two brand new full-sized tennis courts, a gym, a communal entertaining area with barbeque facilities, and onsite management.

This apartment type – type A – is the most desired among would-be buyers and is usually tightly held, she said. 

The floorplan is larger than others in the building and this apartment features panoramic ocean, beach and city views that will never be built out.

The desired ‘Type A’ floorplan is larger than average for the building and features two bedrooms and two bathrooms. Picture:

That, coupled with the high-end renovation, sparked a frenzy of interest from the moment the listing went live last Friday.

“The property was advertised as expressions of interest and prospective buyers were given a price guide of interest from $1.75 million,” Ms Dowse said.

“After holding the first inspections at 10am on Monday with six groups through, we had received four written cash offers, creating a multiple offers situation.

“All buyers were given a second opportunity to offer their ‘walkaway price’.”

The successful offer was for just over $2 million – a sensation result above expectations and some $645,000 higher than the price achieved for a similar property in the building less than 12 months ago.

The Gold Coast real estate market is booming and the suburb of Broadbeach is highly sought-after. Picture:

The vendors bought this property two years ago for $880,000.

“It’s a tremendous result,” Ms Dowse said.

Demand continues to surge for Gold Coast properties, thanks in large part to high levels of interstate migration from New South Wales and Victoria.

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