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Southport Site Sold for $7,665,000

Southport Site Sold for $7,665,000

A substantial redevelopment site which has a DA pending for a mixed use high rise building in the heart of the Southport CBD on the Gold Coast has been sold by Ray White Commercial for $7,665,000.

The property at 104-114 Scarborough Street, Southport, was sold to an Australian/Chinese consortium by Wayne Devenport and Brett Delmege of Ray White Commercial Southport on behalf of Sydney-based general practitioner Dr Nirmal Taluja.

Wayne Devenport said there was strong interest in the approximately 2,430 sqm site from local, interstate and overseas interests due to the major boost in building activity in the Southport CBD precinct.

“With Southport declared a Priority Development Area with density increased and unlimited building height, developers are keen to invest,” he said.

“The purchasers of this site have submitted plans for a substantial mixed use development over 48 storeys.

“The development will include a total of 254 one, two and three bedroom apartments over 33 levels as well as student accommodation and 108 serviced apartments.”

Wayne Devenport said the proposed development would include a retail component and recreation facilities on the lower levels as well as underground parking.

He said an attraction of the Scarborough St site for purchasers is its proximity to the student hub of the Gold Coast TAFE in the Southport CBD.

“The site is in a prime position in the Southport CBD, adjacent to main bus routes and less than 200m to the Gold Coast Light Rail main station,” he said.

“With the Gold Coast to host the 2018 Commonwealth Games, approximately $200 million is also being invested in new sporting infrastructure including the Athletes Village and Aquatic Centre in Southport.

“Southport will be a central focus during the Games when it hosts swimming and diving competitions as well as marathon and triathlon events from the Southport Broadwater Parklands.

“Following the Games, the Athletes Village will become home to more than 3,000 residents and this is making investment in Southport extremely attractive.”

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