Gold Coast developer Craig Perry is officially offloading the 5,225sq m beachfront property known as the Mykonos site with hopes to raise more than $90 million.
The site hits the market in a period of increased activity and local demand in the Gold Coast market, following the start of the pandemic.
In 2019, The Urban Developer reported that Perry negotiated call option contracts for more than 60 individual properties at the Surfers Paradise site, at that time it was expected to fetch more than $100 million.
▲ The Mykonos site, located at the boundary of Surfers Paradise and Broadbeach
The site’s size has since been reduced from the reported 8,402sq m in 2019, to a 5,225sq metre beachfront site. It is tipped to go for between $90 million and $100 million.
The current site, which adjoins the Jewel development, includes 31 titles in total within the Mykonos building and the former site offices and display suite of the Jewel development.
▲ Jinding Developments plans for a residential development at 9-11 Thornton Street Surfers Paradise.
The expressions of interest process is being handled by Dan McVay and Glenn Bechtel of McVay Real Estate, together with Mark Witheriff and Rem Rafter of CBRE.
Witheriff says the Gold Coast market has witnessed a huge shift post the initial pandemic period.
“With a very active market seeking oceanfront living and nearby amenity,” he said.
“And this is from permanent occupiers seeking a lifestyle change and moving from either larger homes in suburban areas or wanting a complete shift from higher density living in other capital city markets.”
Nearby, Jinding Developments this month revealed plans for a $75 million, 27-storey tower in Surfers Paradise.
The project marks a first for the developer making its entrance into the Queensland property market with the 1012sq m site at 9-11 Thornton Street.
The tower will have 125 apartments targeting first home buyers and new residents relocating to the Gold Coast from Sydney and Melbourne.
Article Source: theurbandeveloper.com
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