Mortgagee's Surfers Paradise block fronting the Nerang still stuck on market
A mortgagee's Surfers Paradise land holding has been scheduled for auction again.
The 2,3393 sqm block is located at 13-17 Cannes Avenue, Surfers Paradise.
It has been on market since June 2015, over 31/2 years.
With 85 metres of frontage to the Nerang River, the property was in mid 2018 listed with $10 million plus hopes, and later in the year asking for anything over $9 million.
Currently zoned for high density residential the property is set for a March 15 auction if not sold prior.
Situated 550 m from the golden sands of the Pacific Ocean, 1,100 m from the heart of Broadbeach, and just 1,200 m from the heart of Surfers Paradise, it is 200m to the nearest light rail.
There were $16 million hopes a decade for the offering which the local paper advised had been in the same family since 1956.
The family are believed to have had the prospect of a $20-million windfall dangling in front of them for the 2339sqm site, which spans three lots and is occupied by two houses, has an unlimited height limit.
It was in 2007 when a Sydney developer reportedly had an option to buy it for $20 million.
The 15 Cannes Ave house was bought in 1956 for 12,000 guineas, or some $25,200 in today’s currency.
The adjoining 17 Cannes Ave was bought in 2006, giving them a property with a 95-metre frontage to the Nerang River.
A seven-level apartment building, La Riviere, is being built next door at 19 Cannes Ave on a 1260sqm site bought for $2.2 million in 2016, or $1746 a square metre.
The Corbould land, if sold at a similar rate, would yield $4.08 million.
A valuer yesterday said that the property, because it was larger than the La Riviere site, had a long river frontage, and offered multiple development options, was likely to sell at a higher rate – possibly well north of $2000 a square metre.
Ray White’s Mr Merkur said the Corbould land enjoyed a spectacular view corridor that took in not only a wide stretch of the river but also the Isle of Hirsch & Faigen and Surfers Paradise.
“It offers a number of potential uses, ranging from an apartment tower to a palatial main-river mansion,” he said.
Mr Merkur said the Cannes Ave property was in every way a prize one.
He said that he was sure the competition for it would provide a positive result for both the Corboulds and the mortgagee.
It is right next door to the La Riviere (pictured above) an apartment development selling 16 two, three and four bedroom residences.
The under-construction development is set to be completed by midway through 2019.