McIlwain’s Mermaid Waters estate sold for a record breaking $11M

The sale of an exclusive Coast estate has left buyers collectively willing to spend more than $250m with unsatisfied appetites, says an agent involved in the $11 million-plus deal.

THE sale of the McIlwain estate at Mermaid Waters has left buyers collectively willing to spend more than $250 million on Gold Coast residential property with unsatisfied appetites, says an agent involved in the $11 million-plus deal.

The former waterfront home site of the Gold Coast canal engineer the late Jock McIlwain has sold for a record breaking $11 million – three times more than its $3.4m rateable value.

“If this sale doesn’t illustrate what appeal the top end of the market has to wealthy and bullish buyers, I don’t know what does,” Michael Willems, of Ray White Commercial, yesterday said.

“We have 35 buyers out there who made written offers on the McIlwain land and missed out.

“My observations are that many of those remain hungry to buy.

“They will, providing the right stock becomes available, be active and will put a very solid foundation under the market for super homes and waterfront land.

 

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The 1.1ha trophy estate was purchased by a Chinese buyer on the Gold Coast.

“That being the case, there’ll be competition among buyers and values could be pushed higher.”

Mr Willems, who when a long-time prestige agent sold Gold Coast homes worth more than $3 billion, said COVID-19 and things such as the situation in Hong Kong were likely to bring more wealthy buyers into the tourism capital’s “fray”.

“The appeal of Queensland is growing by the day and the Gold Coast is an appeal pacesetter.”