John Potter lists Broadbeach apartment development site consolidation
A nine-title 3275 sq m Broadbeach apartment development site amalgamated by the veteran developer John Potter has been listed by Kollosche Commercial.
The site has approval for two 68-storey towers with a mix of 876 residential units and serviced apartments as well as shops and offices.
The current approval is for 458 residential apartments and 418 serviced apartments and 772 car parking spaces.
The 418 one-bedroom serviced apartments that average 66sq m would sit below the residential units in the complex.
The expressions-of-interest campaign closes May 19.
Potter advised the Gold Coast Bulletin he'd listed the property due to the strong demand for apartments in Broadbeach.
“The supply of apartments in Broadbeach has severely dwindled down to a point where most projects have sold out,” Mr Potter said.
Urban has seen strong buyer interest in projects including Encore, Qube, Infinity and Vue after the sellout at Elysian.
He noted it could be residential apartments or serviced units.
“As far as the serviced apartment market is concerned, Harry Triguboff’s Broadbeach building enjoys a very high vacancy rate," Potter advised.
The site is across the road from the Gold Coast Convention and Exhibition Centre at 2709-2732 Gold Coast Hwy.
Potter amalgmated the site between 2004 and 2008 at a cost of $39 million. The Main Place site was initially listed for sale in 2015.
It is occupied by tenanted shops providing a gross holding income of $1.5 plus million per annum.
Potter, the former head of Villa World, has been responsible for numerous completed projects by The Potter Group over the past few decades.