Metricon to build luxury townhomes in Southport on Gold Coast after buying site for $2.36M

One of the country’s leading home builders will embark on a luxury townhouse project after purchasing a prime development site in the TSS precinct in Southport.

CONSTRUCTION giant Metricon will embark on a luxury townhouse project after purchasing a prime development site in the TSS precinct in Southport.

Metricon has bought 11-13 Egerton St for $2.36 million from Brown Age Care, linked to Morton Brown, which acquired the 2828sq m parcel for a total outlay of $2.1 million in 2016.

The site comes with approval to build two three-bedroom and eight four-bedroom townhouses with two-car garages.

Metricon executive Daniel Willcock said the sale was an opportunity to secure an infill site in a prime location.

James Holland and Geoff Lamb, of Colliers International, negotiated the deal for 11-13 Egerton St in Southport. Photo: Jason O’Brien

“There is limited supply of luxury owner-occupier villa homes in the area, and the site is located within the appealing TSS precinct,” Mr Willcock said.

“We are currently revising the existing DA to develop 10 exclusive luxury villa homes, which will be available to the market early this year.”

Colliers International’s Geoff Lamb, who marketed the property with colleague James Holland, said the campaign attracted more than 130 inquiries and seven offers.

“The market has recognised the potential to capitalise on the demand for owner-occupier product within the locality,” he said. “The sale represents an extremely strong result for an infill townhouse site.”

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Mr Holland said the campaign’s success highlights the shift in the market whereby developers are moving away from investor product towards housing in central areas with high levels of amenity targeted at owner-occupiers.

“Demand and inquiry for similar sites remains very strong,” he said.

“Developers are actively seeking sites for boutique townhouse projects with the intention of building larger three and four-bedroom townhouses for families and downsizers.”

The Metricon purchase follows the sale of a six-pack of townhouses, also in the TSS precinct, by restaurateur Simon Gloftis and party king Billy Cross. The three-bedroom properties at 18 Lenneberg St came with a price tag of $689,000 and according to CoreLogic the pair bought the site for $1.275 million in 2016.