‘Last beach cottage standing’ sells for $2.5m in hot zone
The last beach cottage standing is in popular Mooloolaba.
The ‘last beach cottage standing’ in a hot coastal zone has been snapped up after years of being rented to the local surf club – and it’s set to rake in a fortune for the new owner.
The property at 35 Smith Street, Mooloolaba was the last owned by original families who built in the popular Sunshine Coast hub, with the Webbs selling for the first time in three generations – five years after second generation Trevor Webb, a passionate surf lifesaver in his time, passed away.
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The cottage at 35 Smith Street, Mooloolaba, has been owned by the same family for three generations.
The property had been rented out to the local surf club after the death of second generation surf lifesaving life member Trevor Webb.
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Seller Jon Webb of Shelly Beach said his grandmother originally owned the site 60 years ago, raising six kids there including his dad Trevor who was a life member of Mooloolaba SLSC.
“Dad loved the club, so he would be happy they have had good use out the house, I reckon. He was a larrikin, he just loved the beach and having a punt,” he said.
The property was sold by Ray White Mooloolaba principal Brent Higgins fetching $2.5m after the home had strong enquiries from developers, mum and dad investors and superannuation funds.
The 728sq m site is zoned District Centre Zone with an 18m height restriction which allows a development of six storeys to be built.
He’d put the property to market saying “with age, retirement plans and everything else, (the Webbs) preference now is sell it”.
“They had considered potentially redeveloping at one point in time, but they feel that opportunity is best left now to the future owners.”
The 728sq m site is zoned District Centre Zone with an 18m height restriction which allows a development of six storeys to be built on site across both commercial and residential options.
“Pretty much everything else in the street is earmarked for redevelopment and there’s a great example of what can be built in the building immediately beside it,” Mr Higgins said.
One bright spot for any buyer was that the South East Queensland plan was also under review which could give additional height density.
“So the future owners may well wait to benefit from any future infrastructure changes to heightened density,” he said. “We expect that will be increased in future. It was under review, but it just went on hold during the state election. We expect that review process to continue now under the new government.”
The area is seeing huge demand due to the lifestyle it offers residents.
The old fibro shack on site currently has an annual income of $22,872, which amounts to about $440 a week in rent for the property – an optional hold pattern for the new owner while they decide what to design and build at the hot spot.
“The surf club actually has used it for staff accommodation, and with its proximity to the beach, they keep all the trailers, surf skis, event items, surf boats and various equipment there. It’s been well known by locals for a long time to be the surf club house.”
Mr Higgins said they had sold some of the other beach cottages in the area as well over the years with hardly anything now left which wasn’t already earmarked for redevelopment.
“This is the last of the original owners that stood the test of time, and the other ones have been already earmarked for development,” he said.
“It’s a progressive neighbourhood, and unfortunately for the history of it, time doesn’t stand still, so it will be redeveloped.”
The area could see heightened density in future which is under consideration.
Walking distance to the beach.
He said Mooloolaba was going through a very progressive period with surges in interstate migration and tourism, but also a strong influence of the retirement age group downsizing.
“Very few residential apartments are being built so this site will be very popular to cater to the retirement downsizing generation in future. Mooloolaba is really in the spotlight now. It’s grown up and experienced significant capital gains in the last four years.”
