Time’s up for roadside motel as demand for prime sites hits overdrive
Time’s up for another retro highway motel with the $7m sale of Browns at Broadbeach.
A retro Gold Coast Highway motel has changed hands for $7m, months after the prime beachside development site at Mermaid Beach was passed in at auction.
The 2,286sq m site of the Browns at Broadbeach Motel was finally secured by the buyer following long negotiation between several interested parties after the property passed in at $6m in April.
The undisclosed buyer who claimed the prized holding just 400m from the beach at 2591 Gold Coast Hwy had relocated his family from China to the Gold Coast.
One of the Coast’s most iconic beaches just 400m away.
Marketed by Conner Malan and Daniel Donovan, of Ray White, the asset represented a vanishing breed of holiday haunts beside the main road into the Glitter Strip.
It was promoted as a prime freehold development site with holding income, attracting commercial interest from around the country.
Mr Malan said the buyer planned to hold the asset with a view to acquiring more land for a future project.
The motel is just across the road from a major shopping centre and close to the light rail.
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“The favourable height restrictions for this site were rare among these Gold Coast Hwy sites and that attracted plenty of attention,” he said.
“It had initally passed in at $6m at auction but we ended up with a bidding war with two of the other bidders who were from interstate.”
Mr Malan said the heated demand for large beachside blocks anywhere from Palm Beach to Broadbeach was “wild”.
It has a swimming pool and self-service laundry. Picture: supplied/Facebook
“Every day, the inquiries are rolling and rolling in. The demand for double or triple beachside blocks is intense and these buyers will dabble in anything they can get.”
Several offers were fielded for the Browns motel, as developers swooped on the site’s potential, which included maintaining the current business while planning a retail or residential project subject to approval.
Beachy: Inside one o the motel’s 20 guest rooms.
The motel offered annual income of $395,000 based on full occupancy of its 20 guest rooms.
There’s also a swimming pool, 20 car spaces and a self-service laundry.
Browns at Broadbeach is the latest motel to be snapped along the highway, with the Miami Motel on a 405sq m sold for $2m in July.
Further south, a Brisbane buyer put down close to $10m to claim the 1539sq m beachfront site of the Bilinga Beach Motel.
The generous 2,286sq m holding is a prime development site.
