756-758 Pacific Pde, Currumbin
A beachfront shack on a double block has sold for a staggering $8.25 million after a last-minute overseas call ramped up a drama-filled auction.
The buyer of the tightly held Gold Coast property had not initially registered to bid, calling in as proceedings were halted for tense closed-door negotiations with two of the other bidders, and eventually landing the trophy asset.
Kollosche agent Troy Dowker said the rare 883 sqm beachfront parcel opposite the sand at 756-758 Pacific Pde, Currumbin had been held by three generations of the same family since the 1940s.
A rare beachfront holding on a double block
Auctioneer Justin Nickerson fielded an opening bid of $6.5m, which was upped to $6.8m before the auction stalled.
Six bidders registered, of which four were active.
Mr Dowker said negotiations with the two highest bidders stretched to more than an hour, allowing the buyer, an Australian travelling overseas, to act once an offer of $8m was reached.
It has been held by three generations of the one family
“Some very astute negotiation skills were required,” Mr Dowker said.
“We initially took the highest bidder, that didn’t really have a pulse so we went to the other bidder, then another interested party who was overseas ended up being a late registration and they had the appetite to bid.
“Sometimes, people will sit on the sidelines and wait to see where the interest is, and if they see value they will jump in.”
While the site had 20m street frontage and medium density residential zoning, it had some limitations which made it less suitable for developers.
The side terrace and balcony capture ocean views
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“But given the width and two titles and the location, there was plenty to love about it,” Mr Dowker said.
The buyer had no immediate plans, but was expected to build either one or two luxury homes.
Built in the 1950s, the existing house had five bedrooms and two bathrooms, with a front balcony and side terrace capturing ocean views and breezes, along with two single garages.
Mr Nickerson said it was “a hard-fought auction after a long negotiation”.
PropTrack data shows house prices in Currumbin were up 11.8 per cent over the past 12 months to a median of $1.795m.
Inside the beloved coast house
The home was in mostly original condition
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