Nava Abedian sells Hedges Ave site for incredible price
The wife of a prominent Gold Coast developer has sold a prime Hedges Ave site for an astonishing price.
Business
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NAVA Abedian, wife of Sunland Group’s Sahba Abedian, has smashed two beachfront records at Mermaid Beach with a $17.5m sale.
She has sold a vacant 900sq m corner lot in Hedges Ave to Andrew Fahey, one of the founders of listed online bookmaker PointsBet.
Mrs Abedian has turned a $6.5m profit on the land in 15 months.
Who bought and sold on Hedges Ave in exclusive Gold Coast Millionaire’s Row, Mermaid Beach
The $17.5m price would buy 23 homes at the Gold Coast median price of $750,000.
Mrs Abedian’s deal obliterates two Mermaid beachfront records set only last week when construction industry identity Mick Power and wife Denise bought a double corner lot in what has become known as Multi-Millionaires’ Row.
The Power records were the $15.5m price – it eclipsed a $15 million record set in 2006 — and the $19,135 square metre rate.
The Abedian sale is at $19,444 a square metre.
Troy Dowker, who handled the sale with Kollosche agency colleagues Michael Kollosche and Harry Kakavas, yesterday said the sale showed the continued appeal of Hedges Ave to high-net-worth individuals.
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He said with more high-density development creeping into the southern suburbs, Mr Fahey was searching for a beachfront block in a low-rise living area on which to build a dream home.
“Mermaid Beach is one of the last remaining suburbs where there are still restricted height limits along the beachfront, and that is appealing to buyers.”
Mr Kakavas said the Abedian property sold after fewer than 30 days on the market.
“There was an overwhelming level of interest for such a big-ticket piece of land – we had 225 inquiries.”
Mrs Abedian bought her 141 Hedges Ave holding in May last year from minerals explorer John Lynch, who secured the property for $821,000 in 1988.
The site has a 22.5-metre frontage to the beach and is flanked by the home of developer Tim Gordon and eight-unit low-rise Parthenon.
The land had a rateable value in June of $8.3m.
Mrs Abedian bought it six months after the family’s penthouse in the Sunland-built Abian tower in Brisbane sold for $5m.
Sahba Abedian and his father, Sunland co-founder Soheil, are buyers in 44-level Sunland tower 272 Hedges, which was topped off last week.
Mr Fahey and Katrina Luland last year bought a new four-level home on the beachfront at Palm Beach.
He and brother Nathan reportedly own 11.5 million shares in PointsBet, worth around $115m.
The company, which has a major US presence, lost $41.9m in the 2019-20 year.
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