Property developers acquire Broadbeach's Beach Hotel

Brisbane property developers Anthony Moreton Group and Pryde Group have acquired the Beach Hotel in Broadbeach and two adjoining properties for $6 million.

The joint venture partners bought the 1,768 square metres property, at 2663 Gold Coast Highway, along with the two adjoining vacant parcels of land with a view to redevelop the site over the next few years.

The three properties have a combined area of 2,982 square metres and were taken to the market as one offering by vendor Rothmont Projects - a company owned by Gold Coast developer John Fish.

The total site has council approval for a 35-storey, 198 apartment complex.

Selling agent Darrell Irwin and Brad Johnston of Colliers International said the properties drew strong interest from a range of buyers, including Chinese investors and developers.