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20 Mary Ave is an exceptional opportunity to buy all four apartments (in one line) with potential to further increase on the current investment via renovation, or to realise the full value of the full site via development, possibly a boutique luxury residential-only tower capitalising on the expansive ocean views achieved at a height of 21 metres and above.
20 Mary Ave is perfectly positioned in the most central location of Broadbeach where you are within 600 metres of Pacific Fair, Light Rail, The Star Casino, Broadbeach dining precinct, and the beach being only a 350m walk from the front door.
If you were less adventurous, or perhaps a long-term player, the land banking option would be a wise decision as land parcels with unimpeded views such as these rarely present, especially in such central locations, or possibly add onto the site and increase your footprint with a second acquisition.
The grounds directly across are government controlled as part of the Broadbeach State School, so future development whilst not impossible, could fairly be considered highly unlikely, making your views bordering on ‘never to be built out'.
The Gold Coast residential market is firing with huge demand for lifestyle apartments with the below quote being published in the Australian Financial Review on the 17th of March 2021:
"Owner-occupiers accounted for 54 per cent of sales in the final quarter of last year, more than double the previous year's figure of 25.1 per cent, said Urbis director of planning Matthew Schneider."
Upon the Expressions of Interest closing on the 29th of April at 12pm, the four owners will convene to review all offers.
BUILDING:
4 x two-bedroom, 1 bathroom, 1 car, apartments (strata titled)
506m2 land parcel with 16.8m frontage and 30.2m side
Brick and tile construction, circa 1982 build
2 levels = 1 & 2 ground level, 3 & 4 level 1
Units 1 & 3 = 92m2 (75m2 internal, 17m2 carport)
Units 2 & 4 = 94m2 (77m2 internal, 17m2 carport)
ZONING:
HX unlimited height
RD8 1 bedroom per 13m2
FINANCIALS:
Outgoings:
Rates $10,160
Water $4,656
Body Corporate $12,388
Total Outgoings as Above $27,204
Rental Income:
U1 = $19,240 at $370pw
U2 = $18,760 at $360pw
U3 = $17,680 at $340pw
U4 = $21,840 at $420pw (rental assessment, currently vacant)
Total Rental Income $77,520
*All figures and distances are estimated and should be relied upon as a guide only.
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