Tony Smith’s Gold Coast mansion set to sell for $25m

Former AFL player and developer Tony Smith is close to selling his Mermaid Beach mansion, in the biggest Gold Coast deal in years.

Tony Smith at home on the Gold Coast. Picture: Luke Marsden.

More than $1bn worth of apartment developments across four towers are planned for south east Queensland including scores of units which have sold off the plan, but none of the transactions eclipse the $25m former AFL player and property developer Tony Smith is about to pocket from the imminent sale of his Mermaid Beach mansion.

In what is shaping as the biggest Gold Coast residential sale in years, Mr Smith is close to selling his Mermaid Beach family home with 40 metre beach frontage to a high profile Melbourne based businessman.

The $25m price is the highest sale recorded on the Gold Coast in a decade. The last record price was set in 2016 when the nearby 159 Hedges Avenue, Mermaid Beach sold for $13.25m. Prior to that the highest price paid was $12m in 2018 for 11 Hedges Avenue, according to REA figures.

Mr Smith’s 2 Heron Avenue, Mermaid Beach property was sold in an off market campaign. The businessman, who has extensive hospitality interests in Bali, bought the site in his wife Simone’s name back in early 2014 for $12m, according to public records.

At the time 2 Heron Avenue, Mermaid Beach, just a couple of doors down from billionaire Clive Palmer’s new digs, sported a dilapidated block of residential flats.

It has since been redeveloped into the Smith family’s four-bedroom home, which is designed in a Bali-meets-Hamptons style on the northeast corner site.

The $25m sale price almost doubles the last highest price paid on the Gold Coast and eclipses the $6.95m for 11 Southern Cross Drive, Surfers Paradise which was the highest price paid in 2017 according to REA.

The Mermaid Beach property in 2014, before the Smith redevelopment. Picture: Jono Searle.

Meanwhile, four Queensland development companies are pushing the green light on major projects worth more than $1bn, despite challenges facing some sectors of the development industry due to the COVID-19 economic slowdown.

Sunshine Coast family the Henzells are undeterred by COVID-19 and are developing a $200m housing project at Pelican Waters.

“We haven’t even got Development Approval and we have people lining up to buy the first

stage of our $200m Cove community within Pelican Waters,” says Mclean Henzell,

Director of HM Developments.

“...We expect to receive approval in a matter of weeks and we will be pressing ahead regardless of what others are doing. We know the demand is there for the product we are offering and we can’t wait to get going.” The housing project targets owner occupiers and downsizers who appear relatively immune to the economic impacts of the pandemic.

The $77m Natura project, which launched in March this year, sold 25 of the 33 high-

end, half floor residences in the Burleigh Heads Esplanade project. Most apartments were sold to downsizers who appear to be unhindered by the economic fallout impacting on other property market sectors across the country.

Brisbane-based Spyre Group is fast-tracking the 17-storey Natura residential tower.

“...We are hoping to deliver Natura to our buyers by the beginning of 2022,” said Andrew Malouf, Managing Director of Spyre Group.

“The COVID-19 crisis has had no impact whatsoever on our sales program and this is due to the market we targeted – owner-occupiers who generally have established, secure savings and are not reliant on income or the banks.”

Meanwhile, the selling agent for Mr Smith’s 2112 sqm Heron Avenue site was Harry Kakavas, of Prestige Property Sales, who was once a big time property developer on the Gold Coast. Mr Kakavas declined to comment. Mr Smith could not be reached for comment.

The off-market sale, which is expected to be finalised within the next few days, is a major shot in the arm for the struggling Gold Coast property market.

Mr Smith came to national prominence just prior to the global financial crisis when he built a $60m beachfront house at Mermaid Beach. At the time it was billed as the highest priced Australian beachfront in history.

Although he has divested much of his southeast Queensland property interests Mr Smith still owns and operates Bali’s famous Finns Beach Club at Canggu which, according to public records, is the world’s largest beach club with 11 bars and four swimming pools.

It is expected the contract on Heron Avenue will be signed within the next few days.