Hedges Ave property: House sells for massive sum

Price momentum is back in the Gold Coast’s most exclusive street, with a mansion selling for an eye-watering sum.

243 Hedges Ave, Mermaid Beach, has sold for $11.25 million.

THE price momentum in the Gold Coast’s most expensive beachfront street, Mermaid Beach’s Multi-Millionaires’ Row, has grown again with the $11.25 million sale of a Harry Seidler-influenced home.

The sale, by former cotton farmer Alan Frost to a Gold Coast buyer, comes on the heels of a $10 million-plus deal in the street, with another in the $11 million range brewing.

Mr Frost paid $2.9 million for his two-level home in 2000.

Prestige property agent Harry Kakavas said the new owner intended to renovate the “ultra solid” four-bedroom house, which is on an 809sq m double block with a 20-metre beach frontage.

The 30-year-old house was built of suspended concrete by formwork business owner Steve Chomizc to a design inspired by Austrian-born Australian architect Harry Seidler and American Frank Lloyd Wright.

The house has 20-metre beach frontage.

MORE NEWS

First look at Coast’s new $100m electric bus system

Suns strike back hard over AFL funding drama

Marijuana, steroids, fireworks found in police raid

Its sale follows Village Roadshow CEO Clark Kirby paying $10.3 million for a double lot on which he plans a new family home.

The Frost transaction also comes in the wake of drilling industry veteran Peter Mitchell reportedly turning down a $37 million offer – a Gold Coast residential record figure – for his Hedges Ave home, which spans four lots.

Mr Kakavas said nine “qualified” buyers looked at the Frost property, which was put on the market four weeks ago with development approval for three “top-notch” apartments to be built on the site.

“The eventual buyer, in their first foray on to the beach front, was impressed with the architectural merit of the house and wants to rejuvenate it as a family home.

“He said it would be criminal to knock it down.”

The 30-year-old house was built of suspended concrete to a design inspired by Austrian-born Australian architect Harry Seidler and American Frank Lloyd Wright.

Mr Kakavas said the ever-growing strength of the market in Multi-Millionaires’ Row reflected a paucity of available stock and surging interest from buyers who were financially “very capable”.

Mr Frost has had both wins and losses in Hedges Ave.

He made a $5 million plus gain in 2018 when he sold 103-105 Hedges Ave for $11.6 million, but four years earlier took a $4.7 million hit when he sold 241 Hedges Ave for $4 million.

Late last year, via Mr Kakavas, he sold a second-floor apartment in Main Beach boutique tower SEA for $5 million, a $1.7 million gain in 15 months.