Smallest ever lot in Palm Beach listed for sale

Residential land for sale in Palm Beach
An unprecedented sub-division of half the minimum lot size has drawn wide interest from small-scale developers seeking a more affordable entry to one of the Gold Coast’s most popular beachside markets.
The 125sq m block of residential land at 2/22 Twenty Fourth Ave, Palm Beach is for sale via an expressions of interest campaign with Jarrard Lemming, of Ray White Burleigh Group.
Owners Rebecca and Richard Hersel paid $360,000 for the original 405sq m block in 2003.
The vendors were granted development approval to split the lot in August, and will retain and build their dream home on the larger 280sq m block.
Conceptual plans by Cesar Taboada Architect for a double-storey three-bedroom house with a roof terrace were submitted to council, while a buyer could pursue a three-level townhouse project on the smaller lot.
The sub-division was approved in August
Mr Lemming said the listing presented a prime investment opportunity just 250m from the beach.
“It’s the first time anyone has done a sub-division this small in Palm Beach, which I think is really exciting because it is going to set a new precedent,” Mr Lemming said.
“This is an opportunity, firstly to provide more housing, which is especially needed with the growing population on the Gold Coast and particularly in the southern suburbs.
“But it also gives people an option to live in such a desirable location for a fraction of the price, whereas if you were trying to buy a newly built house on a 405sq m block it’s going to cost you over $2m,” he said.
Mr Lemming said he had received interest from local architects and builders as well as interstate investors.
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“Palm Beach still is very ripe for development and that’s the way we’re going to move forward,” he said.
“By creating opportunities for more housing we can reap the economic rewards that come with a vibrant and growing population.”
A City of Gold Coast spokesperson said the sub-division was a first for the area, and was the minimum possible size in accordance with the provisions of the medium density residential zone of the City Plan.
Similar lot sizes had been approved in other parts of the Coast.
Tallebudgera Beach is one of the area’s popular natural attractions
Council found the subdivision provided, “practical shaped lots to support low-density residential development”.
The published reasons for the decision continued: “the lot size and configuration are suitable for the character of the local area”.
PropTrack data shows the median house price in Palm Beach was up 18.4 per cent over the last 12 months to $1.58m.
Vacant land in the area is particularly scarce, with the Twenty Fourth Ave listing the only for residential land in Palm Beach advertised on

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