Mystery developer buys Surfers Paradise site from Mick Power for $30m

The founder of a billion-dollar construction company could be having a celebratory drink at his D’Arcy Arms tavern after selling a beachfront Surfers Paradise site for $30 million.

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MICK Power, founder of a billion-dollar construction company, could be having a celebratory drink at his D’Arcy Arms tavern tonight after selling a beachfront Surfers Paradise site for $30 million.

The 1500 sqm site, on the corner of Garfield Tce and Enderley Ave, has been bought by an unnamed Sydney developer.

It is believed the buyer is Weiya Holdings, the company which in 2019 bought the Old Burleigh Theatre Arcade for $18 million.

CBRE’s Mark Witheriff yesterday said the buyer intended building an up-market apartment project on the land.

“The site drew broadbased interest from within southeast Queensland, but more so from Sydney and Melbourne.

“Parties from Singapore and Hong Kong showed interest, knowing that with borders closed they wouldn’t be able to buy, but they are closely monitoring the Gold Coast market.”

The beachfront holding, which has a 30-metre ocean frontage, was assembled by Mr Power and wife Denise between 2004 and 2007.

The major portion of it cost $14.8 million.

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The sale equates to $20,000 a square metre, which CBRE said set a new benchmark for a larger beachfront Surfers Paradise site.

The site sold by the Powers is handy to the BMD Northcliffe Surf Club, of which the Powers’ BMD Group, founded in 1979, is the major sponsor.

Mr Power, 71, yesterday said selling the property was not an easy decision.

“We always had the option of developing it ourselves but I liked the sound of what the buyer was putting forward.

“We’re very conscious over what sort of development might be undertaken.”

The Powers own seven-floor adjoining building The Premiere.

“We’ll continue to stay around – the grandkids are nippers at the surf club,” said Mr Power.

The family’s sale means at least three new towers could be built on the Northcliffe Tce-Garfield Tce strip.

A company linked to Brisbane developer David Devine is paying $19,991 a square metre for a 2251 sqm holding in nearby Northcliffe Tce.

That land is earmarked for a luxury tower, as is the beachfront land that holds the 53-year-old Garfield tower and which is being bought by Sydney’s Sammut group.

The Power sell-off comes after an expressions of interest campaign headed by Mr Witheriff and CBRE’s Rem Rafter.

Nicholas Clydesdale, CBRE’s Gold Coast residential project director, yesterday said the rapid sale of the site reinforced the strength of the market.

“Developers can see that the wave of demand for luxury-grade beachfront property doesn’t look like softening any time soon.”

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