block of flats for sale on Gold Coast

N

nomadic

I have decided to sell a block of 5 units on the Gold Coast.

They are an older style block (renovated) in a good location returning approx $60k pa with upside potential. Land is 761m2 zoned tourist residential only 50m from the broadwater with views.

It's a corner block on the beach side of the highway which could easily be rezoned commercial. There is a Caltex on one corner, a 7-11 with servo on another corner and a row of shops on the other corner.

Best use for the site would be mixed use with shops on ground floor and residential above. Can build to 7 stories high.

Please PM me for any specific info.
 
Last edited by a moderator:
Hi Nomadic,

More info would be good. ie

Price wanted
Comparative sales
Rates
Tenancies (short/long/holiday etc)
Management costs?
single storey ?
Furnished ?

And all the stuff you would probably want to make a decision, Ta,

Regards Bushy
 
Hi Bushy, the property is difficult to value as it depends on what the buyers intention would be and what they think it's worth -- based on land value (m2) for a developer or based on yield to an investor... or a combo of both -- holding income while awaiting DA and develop down the track. Feedback from agents has been anywhere between 1600-1900 m2 based on comps. Rates are approx $4.2k pa (one title, not strata). All tenancies are permanents on 6-12 mth leases (no holiday letting). No management costs (my PM charges 5.5%). Block is elevated with units on 2nd level and parking underneath. All units are unfurnished.
 
Thanks for the info, any reason why you don't take it to the next stage yourself. ie strata, develope. Maybe find a partner etc

Regards Bushy
 
so between $1.215mil and $1.446mil going on your sqm rates.

what makes the buyer's intentions change the price you are chasing?

what's the actual property address?

you have a PM. please reply ASAP.
 
Last edited:
Nomadic,

Do you have a price you want for the property, or do you intend to sell it by expressions of interest? The price should be irrespective of the intention of the buyer????????????

Can you also advise how much rent you receive.

Cheers

Bundy
 
bundy, at the moment we are looking for expressions of interest of $1.25m+. Rent is about $60k pa with some upside.

joel, PM sent

here is the block outlined in blue:

gcflats.jpg


PB290019.jpg
 
hi buzz, i used ctrl+print screen to get it off google and then i paste it into a new photoshop document. Then i crop it, use the brush tool to put those red and blue marks on it and then save as a jpg. You could do the same in MS Paint but i wanted to resize it in photochop. There must also be a tool that you can make straight lines or boxes with but i couldn't find it.
 
Hi Nomadic,

Is your property on the Gold Coast still for sale?

If so, please check your Private Messages. I sent PM last Thurs 13/03/08 with some queries that I would like answered. If you've sold or it's off the market, please advise.

Thanks
 
hi guys, yes property is still for sale. Michael, i have replied to your PM and will dig up specific info when i get back to Oz. I am in Thailand for the next 3mths so please send me email in future as i don't have the time to visit this forum. Email me: info "at" urbanmakeover.com
ciao. mark
 
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