Hopes high for sale of White Horses beachfront apartment block at Burleigh Heads

THE owners of an elderly Burleigh Heads apartment building are making a fresh attempt to saddle up a buyer in the wake of some big-ticket sales.

Ray White Commercial agent Steven King in front of Bayrose Plaza, Southport

THE multiple owners of elderly Burleigh Heads apartment building White Horses are making a fresh attempt to saddle up a buyer, in the wake of big-ticket sales of development sites overlooking the ocean.

Prior to the GFC, an informal $25 million offer was made to White Horses Pty Ltd, the company through which, as shareholders, the owners hold their 49 apartments.

GOLD COAST THE PLACE TO BUY

HIGHRISES MAY SOON BE ‘SMOKE-FREE’

The offer failed because some shareholders rejected it.

Steven King of Ray White Commercial Gold Coast yesterday said that two years on, the White Horses board and shareholders had decided that because of the ‘exceptional’ demand for beachfront tower sites, the time was perfect to market the property.

White Horses sits on a 3035sqm site and has a 60-metre frontage to The Esplanade.

Mr King, who is marketing the Burleigh property with Adam Young of the suburb’s The Professionals Black and Young, said that there was an ‘as-of-right’ ability to build a 15-level tower on the site.

When the $25 million offer was made for White Horses prior to the GFC, the rules of White Horses Pty Ltd required all owners to accept any offer for it to succeed.

Subsequently the company’s constitution was rewritten to bring it into line with the Corporations Act which now means the property can be sold if 75 per cent of owners agree.

White Horses, a walk-up property, was built in the 1950s and spans up to four levels.

It is built in a quadrangle formation, with a pool in the centre, and has one, two and three-bedroom units.

The property is being sold via an expressions-of-interest campaign which closes on July 9.