Gold Coast property: Massive Broadbeach development site owned by John Potter hits market
Could this be the best development site in Broadbeach? The owner certainly thinks so and he is banking on a booming market to deliver him a cashed-up buyer. FIND OUT THE DETAILS
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A DEVELOPMENT site billed as the “best in Broadbeach” across the road from the Gold Coast Convention & Exhibition Centre is set to whet the appetite of investors.
Main Place is a nine-title 3725sq m site at 2709-2732 Gold Coast Highway assembled by veteran developer John Potter between 2004 and 2008.
Currently occupied by tenanted shops, the site holds approval for two 68-storey towers with a mix of 876 residential units and serviced apartments as well as 1700sq m of shops and offices.
There is also an option by way of reconfiguration of the current DA to incorporate a luxury hotel in the plans.
Kolloshe’s Adam Grbcic and Tony Grbcic have been tapped to market the site in an expressions-of-interest campaign closing on May 19.
Mr Potter said he had decided to list the property due to the strong demand for apartments in Broadbeach.
“The supply of apartments in Broadbeach has severely dwindled down to a point where most projects have sold out,” Mr Potter said.
“I can’t think of anything around that has any volume of stock left in it.
“When the stock starts to dwindle down it sells faster towards the end.”
Mr Potter said the site’s position made it ideal not just for residential apartments but serviced units.
“As far as the serviced apartment market is concerned, Harry Triguboff’s Broadbeach building enjoys a very high occupancy rate.
“We believe being opposite the convention centre we will end up with a high occupancy rate as well because we are closer to the action than he is.”
An unusual feature of the site sale is the 53,262 cubic metres of land owned by Mr Potter under the Gold Coast High Service Rd incorporated in the development approval and able to be used to build a large basement.
Adam Grbcic called the holding “the best development site and landholding in Broadbeach”.
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