Prime Broadbeach site up for sale where 46-floor Casa tower was planned
A prime Broadbeach development site is up for grabs. See where and what was planned for it
Gold Coast
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DEVELOPER Marco Ferro has aborted plans for 46-floor Broadbeach apartment tower Casa Beach because he does not want to be ‘the richest guy in the cemetery’.
He said he was winding back his property activities in the wake of three family members dying in the last four years.
The head of the Ferro Property Group has lost his parents and 55-year-old elder brother Frank and has stepped in to take the helm at his brother’s Ferro Chow architectural practice.
He said the losses had caused him to re-evaluate his life.
“I am 55 myself this year and at this age you need to find the correct balance for family, friends, and time for yourself.
“You don’t want to be the richest guy in the cemetery.”
Mr Ferro has put the Casa Beach site in Old Burleigh Rd on the market, revisiting a selloff attempt he made two years ago.
“The offers I received then were $23.5 million and $25 million but I decided not to take them because I believed in the site - A-grade positions do not come along often.
“I knew that the longer I waited and the closer we got to Olympics, along with the yearly rise in migration, the gross realisation would grow steadily.”
Mr Ferro said there already had been 130 inquiries about the Casa Beach site, at 99-101 Old Burleigh Rd, with Sydney developers to the forefront.
“The inquiry is far more aggressive than the last sales campaign, which demonstrates the development spotlight is focused on the Gold Coast.”
The Ferro Property Group is a partner in a top-shelf beachfront tower, Mira, in Surfers Paradise, a building in which the 11 double-floor apartments start at $8.5 million.
Mr Ferro said he was retaining one of the apartments and intended to eventually live on the Gold Coast permanently.
“Our family always has had a soft spot for the area, going back to the early 70s.
“I remember as boy staying in iconic buildings that don’t exist today, such as The Dunes, the Ten and the Iluka.
“Back then they were the best on offer - they even proudly advertised on their signage that they had colour TVs.”
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