Burleigh Heads near century-old home selling for $11 million
A Gold Coast property could be nudging residential development-site records at $11m.
Gold Coast
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A BURLEIGH Heads property occupied by ‘the house with the red roof’ could be nudging residential development-site records – even though it’s not fronting a beach.
The near century-old home on the dry side of 10 Goodwin Tce sits on a 546 sqm elevated site overlooking the ocean. It is believed to be under contract for $11 million.
That equates to $20,146 a square metre – more than the record rate for a residential site that, at $18,541, sat with a beachfront Mermaid Beach property until 10 days ago.
That’s when it was revealed the $20,000 mark had been breached by the amalgamation of beachfront Main Beach low-rise Four Corners.
The square metre rate in that instance is believed to around $21,000.
The mooted buyer of 10 Goodwin Tce is Brisbane’s Spyre group and the current owners are Brian and Lauren McMaster.
Spyre and the McMasters have zipped the lip in terms of talking about a deal, as has the agent reputedly involved, Amir Prestige’s Amir Mian.
Spyre, headed by founder Daniel Laruccia and director Andrew Malouf, already has found Burleigh a happy hunting ground.
It last year bought the boutique Mimi MacPherson-developed Aspect building on The Esplanade for $16.15 million and achieved rapid sales when it unveiled a new tower for the site, Natura.
Spyre paid close to $16,000 a square metre — Mimi, a former whale-watching queen and sister of model Elle MacPherson, paid a mere $2423 about 16 years ago.
The owners of 10 Goodwin Tce, the McMasters, would stand to do rather handsomely out of an $11 million sale.
They bought the property for $7 million less than a year ago after aspiring to own what they called ‘the house with the red roof’ for three years.
At the time they were contemplating replacing the house, built in 1922, with a standout family home.
A new owner’s options for any other form of development on the site appear rather limited.
It is zoned medium density and has a three-storey, 15-metre height limit, one that the city council is out to reduce to 12 metres as part of planning amendments.
A buyer might, by taking the impact assessment route, be able to get more storeys — either within in the 15-metre limit or by seeking to lift the 15-metre limit by 50 per cent.
Goodwin Tce has been a prime target for developers and for buyers of big-ticket apartments over the past three years.
The biggest deal has been the $18.5 million paid in 2019 for the Old Burleigh Theatre Arcade.
The pace, in square metre terms, was set by the McMaster buy of No. 10 at $12,820 a square metre.
Prior to the McMaster purchase, Brisbane’s Forme group had set the benchmark for land in Goodwin Tce when, in 2019, it paid $12,747 a square metre for the 1012 sqm site for its boutique Norfolk.
Forme went on to outlay $10,870 a square metre for the 506 sqm lot that was home to The Fish House and on which the boutique Luna project is being built.
Both Norfolk and Luna, which offered apartments for $3 million or more, are sellouts and are racing toward completion.
For the McMasters, a sale of No. 10 would mean moving a wee way down the road – they have bought a $6 million penthouse in Norfolk.
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