Gold Coast’s Burleigh Heads property sale delivers win for David Kennedy
Two of Gold Coast’s known property hot spots continue to deliver wins for real estate punters, including well-known lotto promoter David Kennedy.
Lotteries promoter David Kennedy, who made his fortune through The Lottery Office – the enterprise which permits Australians to win from lottery jackpot draws across the world – has had a windfall gain when selling at Burleigh Heads in coastal southeast Queensland.
His three bedroom, four bathroom apartment fetched $7.25m last month after just nine days on the market.
The full-floor Luna apartment had previously exchanged at $4.6m off the plan in 2020 and was settled in December 2021.
It is one of eight apartments in the Goodwin Tce complex in the southern Gold Coast suburb which is undergoing its biggest building and price boom since the initial 1870s land auctions when there were published reports on it being a “delightful spot”.
Burleigh Heads secured the Gold Coast’s top apartment sale at $24m last year. It was an off-the-plan purchase by a Queensland-based buyer in the Glasshouse project through Amir Prestige agent Amir Mian with settlement set for later this year.
The sale came after Spyre Group developer Andrew Malouf decided to merge the building’s two last unsold units into a three-level, 800 sqm offering designed by bureau^proberts and landscaping from CUSP.
With an 11m frontage, it will have five bedrooms, two living spaces, guest suite, wine room, home office, pool, as well as garaging for six vehicles.
It ranks as the priciest apartment ever in Queensland.
Spyre had held the record after selling the 970 sqm Glasshouse penthouse off the plan for $20m in 2022 to an interstate buyer.
The building replaces a 100-year-old cottage on 546 sqm which sold for $11m in 2021.
The Gold Coast typically has about 10 per cent of Australia’s current apartment development listings, according to PropTrack, which has ranked Burleigh Heads as the most searched location on realestate.com.au by prospective interstate apartment buyers.
Main Beach the place to buy
Main Beach ranked as the Gold Coast’s strongest performing apartment market last year.
PropTrack calculated 16.4 per cent annual growth, which took its median price to $1.3m.
Surfers Paradise followed closely with its $660,000 median, which was up 16.3 per cent annually.
Main Beach had a record $9.5m apartment off-the-plan sale last month for the 10th floor 385 sqm offering in the Amani building on beachfront Main Beach Pde through Kollosche New Projects.
It pipped the longstanding record set in 2012 when Melbourne builder Peter Devitt bought the apartment that crowns Liberty Panorama for $9.2m.
A controlling interest
Computershare co-founder Chris Morris has edged ahead in the tussle with veteran Leda Group developer Bob Ell to control any future redevelopment of Ocean Resort – the Main Beach low-rise complex.
Melbourne-based Morris spent $5.3m last month on his latest acquisition, adding to his previous $9.1m outlay at the Main Beach Pde beachfront which has just the six apartments.
Ell also owns two in the complex.
The local whisper is Morris’ long-term motive may also be to protect his views after buying two floors in the adjoining Amani tower.
Liberty apartment off the books
The executers of late Sydney bookmaker Bob Blann have sold his Main Beach retreat for $4.8m. The 352 sqm, Mirvac-built Liberty sub-penthouse sold through Mathew Lloyd at Lloyd Estate Agents.
Blann, who quit bookmaking in 1984 and turned venture capitalist, bought the Lennie Ave apartment fromlate dynamic property developer Keith Williams and wife Thea for $2.5m in 2004. The Williams paid $1.8m for it in 2002.
Heiresses exit Versace
Sydney heiresses Betty Klimenko and Monica Saunders-Weinberg, the daughters of Westfield co-founder John Saunders, have sold their apartment in the former Palazzo Versace complex at Main Beach.
It has been bought by Christine Warbrick, who co-founded Christiane’s Hair Design. Warbrick first bought into the Desmond Brooks-designed complex in 2020.
With 72 luxury condos overlooking the waterways, the Palazzo Versace ranked as The Spit’s premier residential address for more than two decades. Its known leasehold prices hit $6.45m in 2021 with a penthouse purchase by Sam Gance, the Chemist Warehouse co-founder.
The resort has become the Imperial Hotel since August and the fashion label’s Medusa-heavy flourishes on furniture and fittings are being phased out.
Investment apartment on market
Blue River Group’s Craig Shapiro and wife Cara have listed their Meriton-built Main Beach investment apartment at $2m through Main Beach Property Sales agent Carmen Uruchurtu. The 24th-floor, two bedroom, two bathroom Xanadu East apartment cost $715,000 in 2013 – two years after he quit Macquarie Group where was the global group treasurer.
Slowdown frustrates builders and buyers
Long disappointing delays have beset many Gold Coast building projects, including the recently completed Sandbar at Burleigh Heads.
Sandbar’s off-the-plan settlements for the Gold Coast Highway project occurred late last year; apartments were marketed in early 2018 by Barry Morris from the Morris Property Group.
Buyers in the 2020 launch of the $450 Mondrian, Burleigh Heads project had hopes of moving in last August, but it’s running well behind schedule and encountered further problems thanks to a crane collapse during the recent Christmas Day storm.
Perspective Nexus at Palm Beach by Christie Leet’s Sherpa Property Group won’t be completed until 2025, having been launched in 2021.
Due to escalating supply costs and labour shortages on the Gold Coast, the 200 buyers since the 2021 launch of Sam Arnaout’s $1bn Victoria and Albert Broadbeach twin tower project face price renegotiations, if they proceed with their purchase.
Arnaout recently established his own construction company, Iris Built, following builder Descon’s departure shortly after demolition work was completed last January. Construction begins next month.
Starter’s gun for auction season
The January auction season will soon be under way on the Gold Coast, headlined by the 30th annual Ray White Surfers Paradise Group in-room auction on January 28.
Touted as the Magic Millions property calendar equivalent, the priciest offering is the second floor apartment at 3565 Main Beach Pde, Main Beach, through agent Robert Graham.
His vendor is veteran sales colleague Michael Willems and wife Dayna who briefly tried to secure $6.95m last year. They paid $4.5m in early 2020.
It is in the luxury M3565 beachfront designed by architect Virginia Kerridge for businesswoman Katie Page.
“Our owners have relocated overseas and this property absolutely will be sold,” Graham’s marketing advises.
The boutique block’s last sale was when Sarina Russo, of the Sarina Russo Group, paid $6.25 in 2021.
It could be your own Downton Abbey
Built in the 1870s, this massive pile on 2.83ha in NSW’s Hunter Valley is one of Australia’s finest heritage estates. Asking price: $10 million.
‘Relief needed to lure buyers back’
Interest rates would need to be cut five or six times to motivate buyers back into the property market, with younger Australians likely to purchase sooner.