Vacant Nobbys Outlook apartment block on the Gold Coast sold

The vacant Nobbys Outlook apartment block on the Gold Coast has sold at Colliers auction for $23.75 million.

Yesterday's auction attracted a who’s who of Gold Coast property, including Bob Ell, the billionaire executive chairman of Leda, developer Barry Morris and Clarence Property boss Peter Fahey.

Morris and Fahey put in offers but it was a Melbourne buyer, represented in the rooms by local agent Michael Kollosche, who secured the property.

The buyer only came to the attention of marketing agents Darrell Irwin and Geoff Lamb, 48 hours prior to the auction.

The ageing beachfront Nobby’s Outlook resort in Miami was a 7284sq m site at 122-130 Marine Parade.

It holds 46 units in two-level buildings, date back to the late 1980s property boom.

In 2010 Sunland offered $40 million for the property but one owner held out and the deal was abandoned.

The building’s body corporate then successfully sought a court order from the Queensland District Court in 2013 to abolish the community titles scheme to make way for a sale.

A key reason for owners looking to sell was the $4 million repair bill faced for the property, which dates back to 1970s.

The property was marketed as the largest beachfront parcel for sale on the Gold Coast ideal for redevelopment into luxury units or up-market homesites or a mix of both.

The property is approved for a three-storey height limit under the city plan.