A prime property in one of the Sunshine Coast’s most coveted neighbourhoods is expected to attract top dollar from developers at auction.
No. 2 Harbour Parade at Buddina has already garnered plenty of attention from prospective buyers ahead of inspections this weekend.
The 546sqm block, which has a four-bedroom home on site, is just metres from Mooloolah River, La Balsa Park, Buddina Beach and the Point Cartwright Reserve.
It has approval for multi-storey apartments and parking.
Next Property Group Sunshine Coast licensee in charge Richard Scrivener said the property represented a rare opportunity, particularly for developers.
He hailed the “fantastic” location.
“You can see people going for walks, going for coffee at One on Balsa next door, and just having an enjoyable time,” he said.
“Property in the area is always in high demand and the area is going through huge growth and becoming more popular and sought after.”
“It’s all about location and the position of this property speaks for itself. It’s in a great spot with a great outlook, so it will always be worth good money.”
Mr Scrivener said the property could appeal to a homebuyer or investor.
“The house is really respectable and very liveable,” he said.
“It’s very solid but getting to the point where it needs a renovation.
“You could renovate the home or knock it down and build something new there.”
But he said the block should be particularly alluring to developers.
“With the position of the property and with a DA already in place – that is gold,” he said.
“It’s a great development opportunity.”
The approval is for four apartments with underground parking.
“Each level has its own lift access, and the penthouse is over two levels.”
Mr Scrivener said developers should be eager to make the most out of a wave of people jostling for luxury apartments by the water.
“There is a massive opportunity (for developers),” he said.
“Yes, it will cost a few dollars initially but there will be a great reward.
“We know what the prices of properties will be once they’re built.
“I have no doubt we’ll achieve those prices, so someone will do particularly well out of this development should they take it on.”
Mr Scrivener said the owners of the property had gained the DA with intent to see the development through themselves. But that’s no longer the case.
“They were going down that pathway of developing it themselves and keeping the penthouse to themselves, but their situation has changed somewhat and they’re staying in Brisbane,” he said,
“They got it (the property) where it needs to be, but sadly for them they’re not going to do it (the development) and they’re passing it on to someone else.’
Mr Scrivener said there had already been significant interest in the property ahead of inspections this weekend.
“We wanted to get some feedback from developers and potential buyers before we pushed the button on an auction. We haven’t set a date for it yet.”
The block was bought in 1985 for just $70,000. It changed hands a decade ago for $1.375 million.
A rapid rise in property prices during the past five years should ensure it goes for a relative fortune this time around.
No.7 Harbour Parade went for $3.1 million and No.14, with an old home, went for $3.3 million in late 2022.
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Auction results
12 Alkira Street, Buddina
- On the market for offers over $1.7m
- 3 Bed, 1 Bath, 1 Car
- Fletcher Riley, Alan Riley and Rebecca Fletcher
801/1 Waterside Retreat, Birtinya
- No auction, now on the market for $2.2m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Dan McNamara,
47 Prime Parade, Birtinya
- Passed in for $1.4m, now on the market for $1.7m
- 5 Bed, 3 Bath, 2 Car
- Ray White, Dan McNamara
169 Wilson Road, Ilkley
- No auction, on the market for $1.5m-plus
- 5 Bed, 2 Bath, 6 Car, Pool,
- Ray White, Jake Loiero
14 Fortitude Place, Birtinya
- Sold prior to auction for $960,000
- 4 Bed, 2 Bath, 2 Car
- Ray White, Dan McNamara
80 Chelsea Crescent, Minyama
- No auction, now on the market for $2.4m
- 5 Bed, 3 Bath, 2 Car, Pool
- Ray White, Ryan Bradeley
1/7 Thomas Street Maroochydore
- Sold under the hammer for $990,000
- 3 Bed, 2 Bath, 1 Car
- Ray White, Niall Molloy and Ari Whisson
37 Mandara Drive, Wurtulla
- Sold for $1.16m
- 3 Bed, 3 Bath, 4 Car
- Ray White, Ryan Cramer
5/11 Yinni Street, Maroochydore
- Sold under the hammer for $833,000
- 2 Bed, 2 Bath, 2 Car
- Ray White, Jason Mills
7 Wyanda Drive, Warana
- Sold under the hammer for $1.82m
- 4 Bed, 2 Bath, 4 Car, Pool
- Ray White, Adam Budd
17 Coonang Crescent, Warana
- Sold prior to auction for $1.615m
- 3 Bed, 2 Bath, 2 Car
- Ray White (Kawana), Adam Budd
237/21 Innovation Parkway, Birtinya
- S/P
- 3 Bed, 2 Bath, 3 Car
- First National Carolans, Andy Sharma
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