Gold Coast real estate: Record sale of oceanfront ‘millionaire’s row’ property at Mermaid Beach
A parcel of oceanfront land in Mermaid Beach’s Multi-Millionaires’ Row has become the Gold Coast’s most expensive house site. FIND OUT HOW
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
A parcel of oceanfront land in Mermaid Beach’s Multi-Millionaires’ Row has become the Gold Coast’s most expensive house site, selling for $26 million.
The sale of the 993 sqm vacant holding at 139-141 Hedges is a major win for Andrew Fahey, co-founder of online bookmaker PointsBet, and wife Katrina.
They acquired the block in 2022 for $17.5 million as part of a larger amalgamation with the intention of building their dream home but their plan changed.
Kollosche agency principal Michael Kollosche said yesterday that the $26 million buyer was from the Gold Coast and intended to build a luxury home.
“That is despite the property coming with vast potential, including the ability to subdivide or to develop a boutique block of high-end apartments of up to three levels.”
The Fahey sale is the second biggest in the avenue, being topped by Clive Palmer’s $28 million purchase in February of an architect-designed home on 1214 sqm from lotteries operator David Kennedy.
The site in the latest sale has a 24.7-metre beach frontage and is the larger part of an 1800 sqm lot assembled by the Faheys at a cost of $35 million.
They previously sold the other portion, an 810 sqm site, for $19.2 million, taking their total return to $45.2 million.
The Faheys had numerous sets of house plans drawn up for their land by architect Bayden Goddard but changed course due to what have been termed ‘family circumstances’.
Mr Kollosche, who facilitated the 993 sqm sale with Tony Velissariou, said the site was initially marketed as two single blocks, to be sold separately subject to a subdivision approval.
He said that, based on buyer feedback, the scarcity of supply and market conditions, it was more viable to reposition it to sell it as one parcel.
Mr Kollosche said the property was a rare opportunity in what was becoming a very tightly held segment of the market.
“The beachfront market is exceptionally strong, with opportunities to buy along key streets such as Hedges and Albatross avenues extremely limited.
The Kollosche team has sold three other beachfront properties at Mermaid Beach this year, achieving prices of $25 million, $16.95 million, and $11.5 million.
A record square metre rate of $28,395 was set by the $11.5 million sale, which was at 2 Surf St.
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.