Gold Coast property: Prime Surfers Paradise block put on market

A Melbourne businessman is going international as he makes a bid to sell a whole city block close to the ocean in Surfers Paradise.

The ex-hyundai site at 103 Ferny Avenue

MELBOURNE businessman Alan Ali is going international as he makes a new bid to sell a whole city block close to the ocean in Surfers Paradise and which once was owned by Korean car giant Hyundai.

The Ali move comes as another full city block, nearby on the southern side of Ferny Ave and owned by the collapsed Ralan group, reportedly is under conditional contract.

Mr Ali bought his site, which is immediately north of the QT Hotel, from Hyundai for $21 million in 2014 – or $6 million less than the car company paid receivers three years earlier.

Russell Rollington, of First National Surfers Paradise, yesterday said the owner was chasing “an immediate sale” for the site, part of which has been occupied by a King Tutts putt putt business for more than 20 years.

Towers designed by DBI for the site.

“Hence he’s offering the property by international tender, a move that’s a response to approaches from some large overseas companies looking to take advantage of Australian dollar exchange rates and market conditions.

“Buyers see the Gold Coast as excellent value for money when it comes to securing landmark holdings, in contrast to the situation in our Brisbane, Sydney, Melbourne and overseas counterparts.”

The Ali site, which spans 1.14ha and sits between Ferny Ave and the Gold Coast Hwy, is approved for twin DBI-designed towers with 715 apartments and a large retail area.

Mr Rollington said the development could be staged, undertaken with a partner, or the site could be subdivided into different development projects within the one comprehensive development.

The block is in a prime position close to the ocean.

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Mr Ali already has had a return on his investment – William O’Dwyer’s Ralan group in 2016 contracted to buy the property for $39.5 million, aborted the purchase, and lost its $3.95 million deposit.

An attempt two years ago to sell the ex-Hyundai site failed to yield a buyer.

Mr Ali became a successful investor in Surfers Paradise sites in the wake of the GFC, buying a beachfront holding for $6.6 million in 2011 and selling it in 2016 for $12.9 million.

He and his family amalgamated the highway-front Thrifty site on the southern side of Surfers in 2013-14 at a cost of $10.7 million and sold it to a Chinese group for $24.5 million in 2016.

The latest Ali sale move is by way of a tender campaign that closes on June 18 and is being run by Mr Rollington in tandem with Rob and Bob Rollington.