PHOTO: Unit owners teamed up to sell this Palm Beach block
Gold Coast unit owners have sold their properties for up to ten times what they originally paid by teaming up with other investors within the same building to secure multimillion dollar developer deals.
Three recent amalgamated sales by GV Property Group totalling more than $23m and including 25 unit owners saw each owner at least double their purchase price, with the longest standing owners at some of those sites making ten-fold capital gains.
A Brisbane-based developer dropped more than $11m on one of the sites, a collective of 13 apartments across two neighbouring blocks at 4-6 Rosewood Ave, Broadbeach.
The owners within the 1,422sq m high-density site had previously paid varying amounts of up to about $500,000 for each of the two-bedroom units, with one apartment last changing hands for $140,000 in 1994.
Five offers were received during the recent collective sales campaign.
And in a separate transaction, Sydney-based developer Daascon splashed more than $6.3m on another development site at 1177 Gold Coast Hwy, Palm Beach, where six individual owners joined forces to sell the entire original block. The site was jointly marketed by Luke Reaby, of GV, and Brendan Andrews, of Stone Real Estate.
One of the Palm Beach owners had paid $95,000 for a unit in 1999 and took home about $1m from the sale. More recently, a unit had changed hands for $480,000 in 2020.
Daascon managing director Samy Saad said the 825sq m block would be the site of the company’s first Gold Coast project.
“The site’s beachside position along Jefferson Lne and a stone’s throw to the ocean’s edge is what we all love about the Queensland lifestyle — a home in the sun and by
the sea,” Mr Saad said.
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