Broadbeach apartments owners sell to Gold Coast high-rise king Barry Morris for nearly $9m
A humble set of brick flats in Broadbeach has sold for a whopping price to a Gold Coast high-rise king after the twelve owners teamed up for the sale.
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TWELVE owners who got together to sell their Broadbeach apartments are to share nearly $9 million after selling out to reigning Gold Coast high-rise king Barry Morris.
The site that houses their three-level Solana and Las Palmas buildings at 13 and 15 Australia Ave is expected to make way for a 35-level Morris tower.
The owners, who paid between $123,000 and $450,000 for their units, each will get an average of nearly $750,000 following the Morris Property Group’s $8.97 million buy.
They agreed to test the market after an approach by GV Property Group’s Antonio Mercuri.
He yesterday said eight offers, from both Gold Coast and interstate buyers, illustrated the ongoing demand for development sites.
“The successful offer was not the highest one but it was the cleanest – others had slightly higher terms and conditions.”
The buy by Mr Morris, who has built 12 towers between Broadbeach and Burleigh, represents an ongoing replenishment of his group’s development site pipeline.
He settled apartments in newly-completed Chelsea Ave tower Opus, overlooking the Broadbeach Bowls Club, last week and early this year settled Koko in Elizabeth Ave.
Mr Morris said his new 1214 sqm site was earmarked for a building of around 35 floors and with 150 apartments.
“We hope to lodge a development application next month and to be able to launch the project in the new year.”
Mr Morris, a Canberra developer who moved to Mermaid Beach more than a decade ago, completed joint-venture Broadbeach tower Verve in 2007 and has taken the number of apartments built to 1230.
He is heading for a 2000 total, with two ventures under construction and three in the planning stages.
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