Nobbys Outlook site set for transformation after auction sale

IT’S a prime piece of Nobbys beachfront land that had developers scrambling for it, yesterday selling for $23 million. Now its redevelopment could change the face of Miami.

Nobbys Outlook at Miami has sold to a Melbourne buyer. Picture: Tim Marsden

LOCAL councillor Pauline Young has hailed the sale of a dilapidated Nobbys Beach resort, saying its redevelopment could change the face of the Miami area.

Councillor Young said residents would welcome the transformation of the prime 122-130 Marine Pde landholding after the Nobbys Outlook resort sold yesterday at auction to a mystery buyer from Melbourne for $23.75 million.

“It could be something quite spectacular that could be built there that would improve the whole area,” she said.

“It is a large piece of land with a wonderful aspect and close to the Gold Coast Highway at Miami, where stage three of the light rail is due to pass through to Burleigh Heads.”

Cr Young said an up-market development for Nobbys Outlook would be in keeping with the rapid gentrification underway in Miami.

Nobbys Outlook sold at auction yesterday.

She said a number of groups floated plans for the 7284 sqm parcel of land, including luxury retirement-style units.

Other potential projects could include prestige homesites or luxury units.

The area has a 15m or three-level height limit, which Cr Young said should remain.

She was pleased the Nobbys Outlook residents, many of which are elderly, would be able to move on and clear their mortgages following the sale.

One of the reasons cited by owners for selling up was a $4 million repair bill facing the property, which dates back to the 1970s.

Nobby’s Outlook, which nearly 50 years ago, became a glamour Gold Coast holiday resort.

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

Mr Morris and Mr Fahey put in offers but it was a Melbourne buyer, bidding via phone through prestige agent Michael Kollosche, who secured the property.

The buyer only came to the attention of marketing agents Darrell Irwin and Geoff Lamb, of Colliers International 48 hours prior to the auction.

Mr Kollosche was tight-lipped on his client’s identity, citing confidentiality.

Mr Lamb said the site may be operated in the short-to-medium term as a resort while plans are formulated for its redevelopment.

Mr Irwin said it sold above reserve and valuation.

The sale ends a long-running saga to sell the property, which holds 46 units in two-level buildings.

Owners have fielded developer offers since the 1980s.

Seven years ago Sunland offered $40 million for the property but one owner held out and the deal was abandoned.

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