Town planner buys Gold Coast apartment building for $6.55 million

A three-level apartment building with seven bedrooms in three units in Surfers Paradise has sold at auction for $6.55 million.

The property at 32 The Esplanade was bought by town planner Jason Hague.

The 433 sqm property, opposite the beach, was the only last free-standing home in Surfers Paradise on the Esplanade, said selling agent Amir Mian of Prestige Property Agents Southport. 

“It had three units and could have been used as a private residence – it was a proper brick and tile building. But the position and the zoning – there were no height restrictions. Position was the main thing,” Mian told The Australian Financial Review about the reason for the sale.

He said the final price exceeded the expected $6.5 million tag.

New owner Jason Hague said he been looking around for a while and “got wind that it was going to come on to the market”.

“I love the Gold Coast. I've lived in Sydney, I've lived in London and I love that CBD living – that's what Surfers Paradise is about,” he added.

“There's a lot of money being spent on infrastructure. That Light Rail – that works because of density. It's a linear shape, the Gold Coast. It doesn't need a system that radiates out. It just needs a train line that drops off at nodes and around those nodes you get density. And it works. There are not too many places where you can say that can be achieved in Australia.” 

The Light Rail is going to be connected to Helens Vale shortly, which will connect directly to Brisbane by train. Besides, there has been an infrastructure boost because of the 2018 Commonwealth Games.

“The Gold Coast is maturing. That Light Rail has put it in a different league, in respect of where it was and where it's going. Investors are seeing that. Hoteliers are seeing that.”

The sale price translates to $15,128 per square metre, and shows the strength of the market, added Amir Mian. 

Hague said as of now the place will be for his family and whoever rents out the other units.