Block of land on Gold Coast’s Millionaires’ Row fetches $4 million
A BARE block of land will go down in history as one of the most expensive on Mermaid Beach’s Millionaires’ Row after changing hands for more than $4 million.
A local buyer already living in the suburb snapped up the slim 405sq m block at 49 Hedges Ave, which was one of the few remaining vacant sites on the strip.
Marketing agent Tony Velissariou of Tony V said the buyers had plans to build on the site.
“They’re planning to build their family home there,” he said.
“I believe that Hedges Ave is becoming quite strong in the market place now and holding it’s own.
“As more people buy into it, they’re building their family homes — the street is slowly becoming tightly held again.”
The block hit the market earlier this year with a $4.5 million price tag and was listed through Mr Velissariou and Harcourts Coastal agent Tolemy Stevens.
“It’s the ideal opportunity for someone to build their dream home on the beachfront of Mermaid Beach, regarded by many as Australia’s No. 1 beachfront destination,” Mr Stevens told the Bulletin
at the time.
The block has been on and off the market over the past few years.
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Veteran property developer John Potter bought it and its neighbour at No. 47 as a pair in 2016.
He splashed $7.7 million on the double block and had plans to build a multi-level apartment building.
However, in 2017 he changed his plans and decided to sell the blocks separately.
The property next door sold for $4.6 million in late 2017 to Highgrove Bathrooms founder Lindsay Sinclair, who had plans for a tri-level mansion, but it remains vacant.
After selling his home at number 9-11 Hedges Ave to Clive Palmer for $12 million last year, Mr Potter decided to keep the block at No. 49, but then reneged on his plans after snapping up an old shack on the street.
The double block has a lot of history, dating back to when it was originally home to the “Elephant House”, which was knocked down by property investor John Pilkington in 2012 after he bought it for $9.5 million from former AFL footballer Rod Galt.
Milk magnate Ken Lacey, entertainment entrepreneur Michael Edgley, singer Diana Ross and Gold Coast bookie Terry Page also have links to the property.