Long running Nobby’s Outlook saga ends after interstate buyer snaps up site

NOBBY’S Outlook owners have finally got their multi-million dollar payday with an interstate buyer today snapping up the prime ocean-facing Miami block, ending a long-running battle to sell.

Nobbys Outlook has finally sold, giving owners an impressive payday.

A MELBOURNE buyer has snapped up the ageing beachfront Nobbys Outlook resort in Miami following a competitive auction in Surfers Paradise this morning.

The $23.75 million sale puts to an end a long-running saga to sell the property, located on a prized ocean-facing 7284 sqm site at 122-130 Marine Pde.

High-profile prestige agent Michael Kollosche, who placed bids via phone on behalf of the buyer, declined to comment on his client’s identity post-auction — citing confidentiality.

The underbidder was Frank Xu, director of Sunshine Investments International.

Nobbys Outlook is on prime ocean-facing land

The auction attracted a whos who of the Gold Coast property scene including developer Barry Morris, Clarence Property boss Peter Fahey, and Bob Ell, the billionaire executive chairman of Leda.

Offers to buy the resort, which holds 46 units in two-level buildings, date back to the late 1980s property boom.

In 2010 Sunland offered $40 million for the property but one owner held out and the deal was abandoned.

Developers offered up to $40 million for the site. Photo: David Clark

The building’s body corporate then successfully sought a court order from the Queensland District Court to abolish the community titles scheme to make way for a sale.

A key reason for owners looking to sell was the $4 million repair bill faced for the property, which dates back to the 1970s.

Last year, the court appointed trustees Ann Fordyce and Brad Hellen, of Pilot Partners, to sell the property on behalf of the owners who are now set to receive a slice of the purchase price.

Colliers International’s Darrell Irwin and Geoff Lamb ran the marketing campaign for the property.

Mr Irwin said the property sold above reserve and valuation.