Investors on the Coast are making their own whirlwind in the property market

The decisions of some Gold Coast investors are sending the property market into a windfall: whether they be good or bad. HERE ARE SOME EXAMPLES

INVESTORS who teamed up to buy the Pacific Square retail-office centre at Mermaid Beach in 2016 could be looking at a windfall, with suggestions a deal at more than $40 million could be brewing.

The investors, some from the Gold Coast, paid $20.9 million for the Square, which is on a 1.73ha site and includes government tenants.

Former owners include later-failed developer Pat Zarro and Sirromet wines owner Terry Morris, who sold out for $9.5 million in 2004.

Pacific Square shopping centre at Mermaid Beach. Picture: Jerad Williams

CHINESE investors with an $11 million investment in Broadbeach’s Mary Ave have shunned a chance to enlarge their holding, which overlooks Broadbeach State School grounds.

Dungowan, a four-title unit block on 506 sqm, has been sold, with no interest from the investors and their Greenbeach Development entity.

They in 2018 bought a four-title 1514 sqm holding immediately south of Dungowan from another Chinese investor who had flagged a 94-level tower on it.

GCB PICTURE - Business Property - 14-18 Mary Ave, Broadbeach

GRAHAM Smorgon, a Melburnian who at one time ran the nation’s largest private family company, has upset the city council over work on his Millionaires’ Row villa at Mermaid Beach.

He dismantled a vergola on the roof of the Hedges Ave pad so he could install new decking, then built a new vergola.

The council pulled him up in March over lack of a development permit and warned he risked prosecution -- a permit request landed on June 4.

Smorgon Steel chairman Graham Smorgon 12 Nov 2001.