139-141 Hedges Ave, Mermaid Beach, has sold for a landmark $17.5m.
TWO landmark sales in close succession on Hedges Avenue in Mermaid Beach continue to cement its reputation as being the most sought-after address on the Gold Coast.
A vacant double block of 900sq m at 139-141 Hedges Avenue has sold for a record $17.5 million, equating to $19,444 a square metre, the highest price paid for land along the beachfront strip.
The block on Hedges Ave, one of the most sought-after addresses on the Coast.
The sale trumped one made only days earlier for two adjoining 405sq m blocks with a house on it at 97 Hedges Avenue, which changed hands for $15.5 million, at a total of $19,135sq m.
The highest sale was made between Nava Abedian, the wife of prominent Gold Coast developer Sahba Abedian, and Andrew Fahey, the cofounder of online bookmaker PointsBet.
Mrs Abedian will clear $6.5m profit on the sale in just 15 months after buying the block in May last year from minerals explorer John Lynch. Mr Lynch bought the property for $821,000 in 1988.
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Troy Dowker of Kollosche, who conducted the sale with agency principal Michael Kollosche and colleague Harry Kakavas, said Mr Fahey and his partner Kristina Luland had been looking for a block for some time.
“We had put No. 141 to them as a proposition but they had their eye on two other blocks on the front. When their offers on those weren’t accepted, they decided to take another look,” Mr Dowker said.
Troy Dowker of Kollosche, who co-handled the sale, said low-rise living along Hedges Ave was appealing to high-net worth individuals. Pic John Gass
Employing renowned Gold Coast architect Bayden Goddard, the Faheys one morning had him draw up a plan of what could be achieved on the block.
Happy with the vision he outlined, Mr Dowker said the couple made the $17.5m offer, which was accepted and the deal wrapped up by 3pm the same day.
“It all happened fairly quickly,” he said.
The couple currently live on exclusive Jefferson Lane in Palm Beach, where they bought a house last year for $5.6m.
They will join construction industry veteran Mick Power and his wife Denise on Millionaire’s Row, who bought No. 97 from Bridget Deer, the wife of Ignite Travel founder Randall Deer days earlier.
Nava and Sahba Abedian made $6.5m on the sale after just 15 months.
Mr Power, who recently sold a 1500sq m development site on Garfield Terrace in Surfers Paradise for $30m, said he decided to head to Mermaid Beach because the Northcliffe Tce-Garfield Tce area was going to become too high-rise orientated.
The Mermaid Beach sale was brokered through Mr Kollosche and colleague Ryan Ward.
The two sales show the appeal of Hedges Avenue, for high-net-worth buyers who are seeking low-density living as more high-rise developments creep in to beachfront suburbs north and south of the central suburb.
159 Hedges Ave, Mermaid Beach sold for $15.7m in January.
“While height limits along Mermaid vary slightly, it is still low-level zoning, and will likely remain that way for a while, which is appealing to a lot of people,” Mr Dowker said.
Other significant sales made along the strip this year include $15.75m paid for a five-bedroom home on a 564 sq m block at No. 159, and an off-market deal for $15.6m made by an unknown buyer for a block at No. 127, owned by Michael Brosnan, owner of health science company Metagenics, who bought No. 121 for $6.6m in April.
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