Golfer Adam Scott scores reverse bounce back on Jade, Surfers Paradise apartment sales

Golfer Adam Scott scores reverse bounce back on Jade, Surfers Paradise apartment sales
Golfer Adam Scott scores reverse bounce back on Jade, Surfers Paradise apartment sales

Queensland golfing champion Adam Scott has finally sold his redundant Surfers Paradise beachfront investment apartment but at a $2.4 million plus loss.

It was a two-level apartment in the 15-unit Jade tower which he bought for $4.4 million in a 2004 off-the-plan acquisition - reflecting a 55% price drop.

He recouped just $1.94 million in a sale just before he won the Australian PGA event at the Gold Coast's nearby RACV Royal Pines golf course.

It was the last of his Jade apartments with the other fetching $5.9 million in 2007, having also been bought for $4.4 million off the plan in 2004.

Adam Scott, who maintains a Sanctuary Cove residence which was bought by his father, Phillip in 2006 for $2.7 million, had been trying to sell the remaining apartment since 2010. 

Adam Scott's dual level unit had two bedrooms plus study. The first floor consisting of an open plan lounge and kitchen, lounge with gas fireplace, Italian limestone floors, all opening out on to a large balcony overlooking Surfers Paradise beach. There are also two bedrooms with ensuites, the master including a walk-in fitted wardrobe and large round spa bath. On the ground floor there was an entertainment room with wet bar and a study and bathroom. There is also a private garden courtyard with spa and bbq area, another bathroom and direct access to the beach. There is a double auto garage in the basement with lift direct to the first floor.

Initially asking $4.9 million, and available for a longterm $1300 a week furnished rental through Coldwell Banker, its most recent public marketing campaign asking price was $2.9 million in late 2011.

It has been bought by Bill Lewski, who founded the Prime Retirement and Aged Care Property Trust, through Australian Consolidated Enterprises Pty Ltd.

Lewski is now a two apartment owner having paid $4.62 million for his earlier Jade apartment last year, a 300 square metre three-bedroom, three-bathroom apartment. Its late 2011 asking price was $10 million.

Jade was built by the Sutherland Shire, Sydney developer Michael Bezzina on its Northcliffe Terrace site that was bought in 2003 for $17.3 million. It was designed by Bezzina's in-house architect Vic Lake, who worked with Brisbane architect Scott Peabody from Planit Architecture.

Located close to Q1, it comes with a distinctive Ticu Gold blade on its roadside exterior. The photovoltaic cells embedded in the blade provide a power source for the common property.

Despite the early off the plan sales, the project got caught up in the global financial crisis downturn when it hit the Gold Coast. The since-failed funder LM Investment was then left holding the unsold apartments which have since been offloaded at discounted prices.

Residents in the landmark tower include the late developer Bernie Lewis's widow and daughter, Toni and Marnie; the Brisbane developer Kim Pradella and the Kirra Hotel owner Brian Flannery's wife, Peggy. The block's previous most recent sale was in May th8is year when $3.9 million was secured through McGrath agent Duncan Longmore of an apartment sold initially at $4.7 million in 2005. Earlier this month the apartment was made available for rent at $2250 a week from early 2014. 

Scott's $5.9 million sale in 2007 was to Moondaze Pty Ltd, which around the same time sold to Scott's company Balboa Developments (Qld) a $15 million Rockhampton development site. It remains vacant having been earmarked for 200 apartments by Moondaze's Harry Nicol, one of the founders of the Liquorland group of bottle shops.

PS: In golfing parlance, the latest Jade sale, could be possibly called a reverse bounce back, the golf term for scoring a bogey or worse on a hole immediately following a birdie or better.

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Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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