A RUNDOWN two-storey beachfront resort on the Gold Coast has sold under the hammer for $23.75 million with the new owner believed to be a mystery Melbourne buyer.
It is the latest sign that the Glitter Strip’s property market has hit its stride in the run-up to next year’s Commonwealth Games.
Bidders for the dilapidated Nobby’s Outlook resort at Miami included a throng of billionaires and other property industry heavy-hitters.
The winning bidder was represented on the auction floor by high profile Gold Coast property deal-maker Michael Kollosche, who was taking instructions by phone.
Speculation was rife post-auction about the identity of the “low-profile” interstate high net worth buyer.
“I’m under confidentiality and can’t tell you anything,” Mr Kollosche said.
Among the other 16 registered bidders were local property baron Bob Ell, developers Nev Pask and Barry Morris, coal mining rich lister Brian Flannery, Clarence Property’s Peter Fahey and Brisbane-based Chinese investor Frank Xu.
Marketing agents Darrell Irwin and Geoff Lamb of Colliers International fielded more than 100 inquiries from potential buyers in the lead-up to yesterday’s auction.
It is understood the mystery buyer only emerged in the last 48 hours of the marketing campaign.
Bidding opened at $10 million and quickly escalated in $1 million and $250,000 increments.
Mr Irwin said all the registered bidders were experienced property developers or high net worth individuals.
“The sale reflects the strength in the Gold Coast development market for high quality, well-located properties,” he said.
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It also ends a long-running saga to sell the ageing Miami property, which comprises 46 apartments and two swimming pools.
Faced with a $4 million repair bill for the 1970s property, owners had been looking to sell up for some time.
Offers from developers to buy the 7284sq m site at 122-130 Marine Pde date back to the late 1980s property boom.
In 2010, Sunland offered $40 million for the Nobby’s Outlook property but walked away from the deal after one apartment owner held out.
The building’s body corporate then successfully sought a District Court order in 2013 to abolish the community titles scheme to make way for a sale.
Last year, the court appointed trustees to sell the property on behalf of the owners. The property is approved for a three-storey height limit but this could be increased subject to council approval.
Originally Published: www.couriermail.com.au