Anglesea Court, beachfront Gold Coast apartment block sold
Anglesea Court, a six-level apartment building incorporating 18 strata title units, has been sold in one line
Jonathan ChancellorSeptember 19, 2021
An entire early 1970s apartment complex with high-rise development approval in Surfers Paradise has been sold in one line.
The price was reported as $19 million by the local paper to Sydney developer Stoyan Kiceec.
The site is currently Anglesea Court, a six-level apartment building incorporating 18 strata title units.
It currently has a potential gross return of over $380,000 per annum.
The address 9-11 Garfield Terrace comes with 1037 sqm land holding some 1.5 kms from Cavill Avenue.
It had been listed by Ray White special projects.
It is zoned High Density Residential with a development approval in place for a 16-level boutique hotel comprising 115 suites and three food and beverage tenancies.
The vendor consolidated ownership of the 18 apartments last year in a $16 million outlay.
The Gold Coast Bulletin reported the site was bought by Sydney interests.
One of the sellers had been in Anglesea Court since paying $78,000 in 1986.
The separate sale prices ranged from $609,000 to $1.4 million.
Other than the soon-to-be-completed $1.4 billion Jewel Residences, there has been no substantive opportunity for beachfront developments at Surfers Paradise in recent times.
Chevron One is the big project inland at Surfers Paradise.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.