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Broadbeach Waters waterfront trophy home sold for $5.7 million

Broadbeach Waters waterfront trophy home sold for $5.7 million (1)

An architect designed home nestled on a 1,608sqm block in Gold Coast’s Broadbeach Waters has been sold for $5.7 million.

The 853 sqm house at 327 Monago Street comprises 7 bedrooms, 7.5 bathrooms, designer kitchen and multiple indoor and outdoor living and entertaining areas.

The light-filled living and dining zone comes with wood-burning fireplace, custom-built cabinetry and electronic blinds.

Broadbeach Waters waterfront trophy home sold for $5.7 million (3)

There is an executive office with library, plus separate office or boardroom with separate entrance.

The home also features rumpus room, water frontage, outdoor dining pavilion, pool, and water features.

Broadbeach Waters waterfront trophy home sold for $5.7 million (2)

It is situated close to Albert Part, Star Casino and golden beaches.

Michael Kollosche and Ryan Ward from Kollosche Broadbeach sold the property.

It was last sold in 2015 for $3.15 million.




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Gold Coast

Surf legend Mick Fanning lists Coolangatta apartment block

Surf legend Mick Fanning

Surfing royalty Mick Fanning has listed a Coolangatta apartment block he’s renovated since buying 14 years ago.

Fanning, who stepped away from professional surfing in 2018 having won three world championships over his near two decade professional career, paid $3.1 million for the tired 1980s brick block in 2007.

Surf legend Mick Fanning

Now the Boundary Street building has a coastal white facade and each of the units and granny flats have been renovated.

There are two three bedroom apartments, one on the ground level and one on the second level.

Each unit has its own granny flat at the rear of the 505 sqm block. There’s a blank canvas back yard and two garages.

Surf legend Mick Fanning

LJ Hooker Palm Beach agents David Lonie and Mishy Canning suggest the building can provide four incomes streams, around $770 to $800 a week for each apartment and $470 to $500 a week for the two granny flats.

Lonie and Canning have a February 7 auction on site at the block which is footsteps to Snapper Rocks. They advise there is potential for separate sales of the apartments.

Fanning will retain a foothold on the street. He owns the block of four two doors down, which he bought for $1.2 million in 2006, and the block next door to that, secured in 2005 for $1.39 million.

Coolangatta’s newest developments

Miles Residences Kirra Point

Address: Corner Miles Street and Marine Paradise, Kirra QLD 4225
Prices from: $545,000

Surf legend Mick Fanning

Miles Residences at Kirra Point, the luxury redevelopment of the Kirra Beach Hotel by KTQ Group, is Coolangatta’s most impressive new developments. Already nearly 50 per cent of the 118 apartments have sold since their launch in December.

Designed by Woods Bagot, the project, which includes a pub and pavilion, is set to be completed in early 2023.

Maya Kirra Beach

Address: 1 Coyne Street, Coolangatta QLD 4225
Prices from: $1.93 million

Surf legend Mick Fanning

Only a few residences remain in the top end Maya Kirra Beach block of just 15 three and four bedroom residences. The building, developed by Spyre Group and completed in September 2020, only has four bedroom apartments left starting at $1.93 million.


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Gold Coast

Commercial Market Update – Gold Coast Cityscope January 2021

The latest research from Gold Coast Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to December 2020 recorded 41 sales for a total of $95.2 million. Of this, $54.3 million was for commercial, $13.7 million was for commercial strata, $6 million was for retail, $14.9 million was for retail strata and $6.2 million was for other.

In comparison, the three months to September 2020 recorded 19 sales for a total of $59.4 million. Of this, $3.8 million was for commercial, $3.6 million was for commercial strata, $9.3 million was for retail, $1.5 million was for retail strata and $41.2 million was for other.

The latest data raises the 12-month total to over $340.7 million, over $200.4 million less than the previous 12-month period.

The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:

Commercial Market Update

The most significant sales recorded this quarter together totalled over $54.63 million.

Acuity Business Park Building 1 was sold off-market for just over $41.29 million to 209 Robina Pty Ltd as trustee for the 209 Robina Trust. The four-storey building comprises 5,937 sqm of space and was completed in mid-2020; tenants include Metricon, Medrecruit and Intrapac Property. Mike Walsh and Peter Court of Cushman & Wakefield Gold Coast negotiated the sale, which represents an initial yield of 6.5% on passing income of $2,684,303.96.

The entire 1,510 sqm third floor of Eastside Robina, plus a 27 sqm cafe on the ground floor have been purchased for just over $7.234 million by Agroha Dham Pty Ltd as trustee for the KL Eastside Unit Trust. Steven King and Tony Wang Colliers International and Mark Witheriff of CBRE Gold Coast negotiated the sale, which represented an initial yield of 9.75% on a passing income of $705,000 (net).

Eleven units at 38 Cavill Avenue were purchased together for $6.1 million by Cavill Avenue Holdings Pty Ltd as trustee for BM Coast Holdings Trust. Steven King and James Crawford of Colliers International Gold Coast negotiated the sale. The units, comprising lots 1 to 11, were advertised with a net income of $405,155, which represents an initial yield of 6.64% on a passing income of $405,155 (net).

Commercial Market Update

Properties currently listed for sale include:

  • Surfers Paradise Beach Units – six storeys with 16 one and two-bedroom holiday units (6 one-bedroom; 10 two-bedroom) above ground floor parking. Scheduled for auction January 21, 2021; agent, Amir Prestige Property Agents (Matthew Biviano).
  • 21-27 Davenport Street, Southport – a two-storey, 490 sqm retail and office building. For sale with an asking price of $980,000; agent, Raine & Horne Commercial Gold Coast. The property was advertised with a gross income of $118,000.
  • 25 Griffith Street, Coolangatta – a two-storey building with a ground floor retail shop and a three-bedroom, two-bathroom residence upstairs. Building area, 348 sqm. The property includes a swimming pool and two-car garage to the rear. For sale with an asking price of $2.9 million; agent, Tsimos Commercial Real Estate (John Black).

Properties currently under contract (conditionally or unconditionally) include:

  • 1 Paddington Place, Robina, a 4,040 sqm vacant site. Under contract unconditionally with an extended settlement period expected; agent, Colliers International Gold Coast (James Crawford).
  • 6 Short Street, Southport – a two-storey, 811 sqm office building with basement car parking for 16 vehicles. Under contract; agent, Colliers International Gold Coast (Steven King). The property was advertised with a net income of around $99,358 per annum.
  • 44 Thomas Drive, Chevron Island – a two-storey, 281 sqm retail/office building with frontages to Thomas Drive and Karloo Street. Under contract in with settlement expected January 2021; agent, Raine & Horne Commercial Gold Coast (David Task and Michael Parisi). The property was advertised with a fully leased gross income of $172,932.72.


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The Star Breaks Ground on $400m Broadbeach Tower

Broadbeach Tower

The Star Entertainment Group is set to break ground on a 63-storey mixed use residential and hotel tower at its $2 billion masterplanned site at Broadbeach Island on the Gold Coast.

The approved $400 million tower, to be built on the most south-eastern part of Broadbeach Island, will feature 210 five-star hotel rooms and 457 apartments.

Multiplex will commence construction in early February with approximately 2,300 jobs expected to be generated over the project’s three year construction timeline.

The tower will join the $400 million, 53-storey Dorsett hotel and apartment tower which is due for completion in 2022.

It will be developed adjacent to The Star Gold Coast casino with its existing refurbished 596-room five-star hotel.

When realised, The Star Broadbeach Island masterplan will comprise 3,000 hotel rooms and apartments, conference facilities, as well as a number of cafes, bars and restaurants.

The state government-approved masterplan is being overseen by Destination Gold Coast Consortium—the joint venture between The Star, Chow Tai Fook Enterprises, and Far East Consortium.

It is the second major project in south-east Queensland for the joint venture partners which are currently in the throes of delivering the $3 billion Queen’s Wharf integrated resort and residential development in central Brisbane.

Broadbeach Tower

▲ The project will feature a day spa, wellness centre and sundeck with a large lagoon pool, private cabanas and dining areas.

The Star chairman John O’Neill said the decision to proceed with the masterplan’s second tower was a show of confidence from the consortium.

“While we continue to work through and manage the serious impacts of domestic and international border restrictions on our business and the industry more broadly, the decision to proceed with our second tower is part of our unwavering commitment to the Gold Coast.

“We all know how strongly the Gold Coast resonates as a premier holiday location, particularly for those from the southern states.

“There is also a growing number of Australians who want to work, live, and play here.

“It all helps underpin our confidence in the Gold Coast and south east Queensland tourism,” O’Neill said.

The tower’s hotel will span 14 levels above the buildings six-level podium while residential apartments, ranging from 55sq m to 168sq m, form the upper levels.

It is understood, 70 per cent of the one, two, and three-bedroom apartments on offer within the project have already been sold since pre-sales began in May 2019 with prices ranging between $596,000 and $1.8 million.

The tower’s retail offerings will combine with the Dorsett hotel and apartment tower via a connected concourse featuring more than 12,050sq m of retail and resort facilities.

The Star and the Queensland government had been in talks over an exclusive 30-year casino licence to operate on the Gold Coast.

However, talks were concluded last year with the state government continuing to eye potential rival operators to come into the Gold Coast market, with rumours of possible interest by Hard Rock International, Lawrence Ho’s Melco and Hong Kong-listed gaming ­company NagaCorp.

The end of the talks with the Queensland government come after Star finalised a deal with the NSW government to give it exclusive licence for poker machines in NSW over the next 21 years, until the end of 2041.


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