Beachside property on offer as Gold Coast shines
A 14-storey holiday resort with 43-apartments is up for sale in the Gold Coast.
A 14-storey holiday resort a stone’s throw from a popular Gold Coast beach and metres from a large park has hit the market.
The Sandy Point Beach Resort in the suburb of Labrador has opened expressions of interest from potential buyers until mid next month.
The resort has been dubbed hot property for developers, with the ability to refurbish and sell, manage a holiday letting business or meet the demand of the Gold Coast’s rental shortage. While there is no official price attached to the property, industry sources say the resort will easily fetch more than $25m.
The resort is 10 minutes’ drive from all of the southern Queensland city’s attractions, including SeaWorld, Main Beach, as well as shopping centres, hospitals, schools, universities and local markets. More locally, Labrador is home to cafes, restaurants, beauty stores, parks, and a health centre.
The suburb has direct access to the water via a boat ramp. The property, developed by Portfolio International in 1982, was one of Gold Coast’s original timeshare hotels. All 43 apartments sold within eight months of the development being built.
The property’s first three floors comprise guest space and a pool area.
The resort comprises a total of 43 apartments, including 30 two-bedroom units, 10 three-bedroom units, two three-bedrom penthouses and a two-bedroom manager’s unit. All two and three-bedroom units are self-contained, complete with modern fittings and furnishings.
Sandy Point Beach Resort is also home to a tennis court, barbecue area, playground, gymnasium, heated outdoor swimming pool, sauna, spa, member’s lounge, secure car park, a tour desk, paddle boards and bicycles for hire. The Trust Company has appointed Avanti Commercial to handle the sale.
Avanti managing director Lachlan Harris said the property presented a good opportunity for investors.
“For the more traditional residential investor there is a major rental shortage on the Gold Coast. This building is well suited for permeant residential rentals,” he said.
