‘Most affordable’ beachfront shack will set you back $7.25 million

Revamped beach shacks are chasing big bucks, with a 1960s cottage priced at a lofty $7.25 million dubbed the “best-value absolute beachfront” property up for grabs on the Gold Coast.

The charming four-bedroom, two-bathroom bungalow on a 413sq m lot at 233 Jefferson Lane is back on the market with a high-end makeover and a price tag to match, listed with Amir Prestige principal Amir Mian.

Owners Annabelle and Rory Galligan purchased the dilapidated, asbestos-riddled cottage for $5.4m at auction in December 2021 and rebuilt it from the original hardwood timber frame over six months.

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Absolute beachfront cottage for $7.25m

The couple decked out their pad in tropical Palm Springs style, but replaced the bright decor with a sophisticated neutral look to launch a fresh sales campaign with a new agent after the property was passed in at auction in March.

Mr Amir said the renovated home’s relatively modest profile presented great value compared with the multistorey luxury builds dominating the prized stretch.

“I’m calling this the most affordable absolute beachfront property on the Gold Coast, bearing in mind the limited selection of Jefferson Lane, Hedges or Albatross Ave. In Mermaid Beach you could be paying $10m for a knockdown,” Mr Mian said.

“Beachfront will always be in demand, and these homes rarely come to market because they are so tightly held.

“This is a fully renovated home that is perfect for a family to just move straight in and enjoy the sand in their toes and the beautiful sunsets over this part of Palm Beach.”

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The shack was made over in neutral tones

For those without an absolute-beachfront budget, houses just across the lane and still footsteps to the sand are selling for half the price.

A renovated four-bedroom, two-bathroom home at 232 Jefferson Lane changed hands for $3.4m in an off-market deal finalised by Harcourts Coastal agent James Massey this week.

The modern two-storey beach house last sold for $1.574m in 2018.

Vendors Trent and Nicola Shepherd undertook extensive upgrades, including adding a heated pool and entertaining terrace with a bar, and had the property listed with another agent in 2022.

Mr Massey said he secured the buyer in one day, a young family who had recently sold a luxury home they built in Currumbin Waters.

“This sets another benchmark for the Lane,” Mr Massey said.

“Beachfront houses are becoming more limited with the focus on newer developments along the coastline, so the value of these existing properties can only go one way. They are not making any more land for homes here.”

While the strip attracted celebrity owners including motocross champion Mick Doohan and surf legend Kelly Slater, Mr Massey said Jefferson Lane retained a community atmosphere, and was home to families drawn to the relaxed surf side lifestyle.

Article source: Queensland Property Investor