Anglesea Court, beachfront Gold Coast apartment block listed
An entire early 1970s apartment complex with highrise development approval in Surfers Paradise has been listed for sale.
The site is currently Anglesea Court, a six-level apartment building incorporating 18 strata title units. It currently has a potential gross return of over $380,000 per annum.
The address 9-11 Garfield Terrace comes with 1037 sqm land holding some 1.5 kms from Cavill Avenue.
It has been listed by Ray White special projects agents Tony Williams, Matthew Frtizsche, and Mark Creevey via an expressions of interest campaign. It is zoned High Density Residential.
“There is a development approval in place for a 16-level boutique hotel comprising 115 suites and three food and beverage tenancies,” Fritzsche said.
The vendor consolidated ownership of the 18 apartments last year in a $16 million outlay.
The Gold Coast Bulletin reported the amalgamation was initiated by a company linked to Sydney developer Lawrence Ryko, who took out options to buy Anglesea’s apartments two years ago.
The property was put on the market last year after the initial redevelopment approval being granted, with Fucrez Pty Ltd securing the options and exercising them.
One of the sellers had been in Anglesea Court since paying $78,000 in 1986.
The separate sale prices ranged from $609,000 to $1.4 million.
Other than the soon-to-be-completed $1.4 billion Jewel Residences, there has been no substantive opportunity for beachfront developments at Surfers Paradise in recent times.
Chevron One is the big project inland at Surfers Paradise.
