A Gold Coast beachfront development site in Surfers Paradise has been sold for $30 million, paving the way for a luxury high rise residential development.

CBRE’s Mark Witheriff and Rem Rafter negotiated the unconditional sale of the 1,500sqm site to a Sydney based developer.  Settlement of the site is due later this year.

Situated on the corner of Garfield Terrace and Enderley Avenue, the property is just minutes from the beach in an area where the zoning provides for unlimited building heights.

Mr Witheriff said the new owner was planning an upmarket apartment complex to capitalise on the Gold Coast beachfront development site’s sought-after location.

The sale was negotiated on behalf of Gold Coast investor Mick Power, who is well known in property development and lifesaving circles on the Gold Coast.

He, along with his wife Denise, founded civil engineering and construction company BMD Group in 1979 and has close ties with Northcliffe Surf Club, situated just a short distance from the Garfield Terrace site.

The $30 million sale price achieved for this 1,500sqm site equates to a $20,000/sqm land value, which is a new Surfers Paradise benchmark for a larger site.

The deal was negotiated following an Expressions of Interest campaign, which closed in mid-June after attracting widespread interest.

CBRE’s Gold Coast Residential Projects Director Nicholas Clydsdale said the rapid sale of the prime corner site reinforced the strength of the prime Gold Coast residential market.

“Developers can see that the current wave of demand for luxury grade, beachfront property doesn’t look like softening any time soon,” said Mr Clydsdale.

A key draw card was the site’s location, less than a kilometre from Cavill Mall, a similar distance from the Star Casino and Pacific Fair, and within walking distance of the shops and restaurants of Surfers Paradise and Broadbeach.

Surfers Paradise accounts for 40 per cent of the Gold Coast’s accommodation market and is the focus of a tourism industry that attracts 10 million visitors a year and contributes $4.4 billion to the regional economy.

The Power family own a number of other holdings on the Gold Coast including the D’Arcy Arms Hotel and adjoining development site which is also under consideration.