Old brick house in popular beach suburb in line to make way for high-rise

A rare old beach house at a popular tourist strip has been sold and is likely to make way for another high-rise in the area.

No.25 Mahia Terrace at Kings Beach went for $2,188,000 in a re-sale last week, paving the way for probable development just 95 metres from the sand.

The 607sqm property is in the heart of the suburb, which has become a favourite destination for overnight visitors from Brisbane and beyond.

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The property is less than 100m from the sand.

The modest home that sits on the site has two bedrooms, one bathroom and two car spaces.

It’s close to the patrolled section of beach, cafes, restaurants and retail.

Ray White Caloundra sales and marketing consultant Natascha Drexel-Munro said it was a rarity.

“It is one of the last remaining beach houses in the area,” she said.

The property was originally purchased for just $55,000 in 1979 and then built on.

It was owned and used as a holiday home by the same people for decades.

It was sold last year and remained vacant until it was sold again this year and is now in line to be built on.

“It has zoning for development to five storeys on that site,” Ms Drexel-Munro said.

“They (the new owners) are going to probably look at doing a high-rise on there (pending an application and council approval).”

She said the property was in the perfect position for a high-rise and the area was ideal for high-end apartment blocks.

“You get ocean views from there and it (Kings Beach) appeals to everybody. It’s a growing area and it’s a family-friendly beach with a tourism feel to it now.”

Another old home in the area, No.22 Mahia Terrace, was also recently sold for $1.52m, after several developers tried to buy it and the property next to it.

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The property’s spacious yard amid neighbouring apartment towers.

Auction results

32 Stoney Wharf Road, Bli Bli

Passed in at $2,000,000

4 Bed, 3 Bath, 4 Car

Ray White, Fiona Rawson

907/38 Mahogany Drive, Pelican Waters

Passed in, on the market for $829,000

3 Bed, 2 Bath, 2 Car

Ray White, Thomas Garland

501/75 Landsborough Parade, Golden Beach

Sold for $820,000

3 Bed, 2 Bath, 2 Car

Ray White, Ray and Linda Daniels

170/8 Starling Street, Buderim

Passed in at $403,000

2 Bed, 1 Bath, 1 Car

Ray White, Gregory Ward

1206/7 Venning Street, Mooloolaba

Sold under the Hammer for $1,430,000

2 Bed, 2 Bath, 1 Car

Ray White, Peter King

27/51 Grand Parade, Kawana Island

Sold under the hammer for $650,000

2 Bed, 2 Bath, 2 Car

Ray White, Will Van den Dungen

1/35 Brisbane Road, Mooloolaba

Passed in at $375,000

1 Bed, 1 Bath, 1 Car

Ray White, Peter King

2/73 Parkyn Parade, Mooloolaba

Passed in at $900,000

3 Bed, 2 Bath, 1 Car

Ray White, Reuben Park and Lachie Woods

Article source: Queensland Property Investor