News Corp Australia
First published 23 Sep 2024, 5:30am
Aussie fashion label mogul Lucy Henry-Hicks and her builder partner Mitchell Lau are planning a jaw-dropping beachfront home after securing a prime $40m site on the southern Gold Coast.
Ms Henry-Hicks is CEO and director of the popular in-store and online brand Dissh, drawing on an impeccable fashion industry pedigree.
Her father Melville Hicks co-founded City Beach, while her mother, Maree Henry, launched Dissh from their loungeroom, growing the brand with Ms Henry-Hicks until she took the reins in 2019.
Dissh fashion label CEO Lucy Henry-Hicks and builder partner Mitchell Lau splurged on a beachside home site
The high-flying fashion couple splits their time between Brisbane and the Gold Coast
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Ms Henry-Hicks and Mr Lau, who is a director of Dissh as well as of his M2 Construct high-end building company, share a young daughter and are expecting a son later this year.
They split their time between Brisbane and the Gold Coast, where they previously purchased a newly built luxury property close to Ms Henry-Hicks’ parents’ beach home.
The couple will demolish three ageing dwellings on a 1525 sqm site sold by AFL player-turned-investor Tony Smith. They are expected to submit plans for two stunning contemporary homes.
The $40m Palm Beach sale was described as ‘monumental’
The deal, totalling more than $40m, will settle in full next year, and is the city’s largest single residential transaction.
The eye-popping sale marks a staggering uplift of more than 100 per cent in just three years for former Sydney Swans player Mr Smith, 58.
Marketing agent Luke Reaby, of GV Property Group, described the off-market transaction as “monumental”, marking “the largest residential sale in the area’s history”.
Mr Reaby said the corner site’s “unparalleled” 34m of absolute beach frontage had attracted fierce competition from four local developers, before ultimately selling to a family who planned to build a luxury home. The property currently hosts a 1960s shack, pole house, and villa.
The new owners plan on building two luxury homes
“The interest in this property was immense, but in the end, we were pleased to see it go to a Queensland family who truly appreciates the unique value of this site,” Mr Reaby said.
“Typical beachfront blocks in Palm Beach have 10m of frontage, so with 34m of absolute beach frontage coupled with a corner aspect, this property provides a level of privacy and exclusivity that is truly one-of-a-kind.
“This sale is a milestone that highlights the evolution of Palm Beach into a prime residential and investment location,” he said.
The $26,000 per sqm price falls just short of the $28,395 record set earlier this year for a beachfront block in Mermaid Beach.
The site was sold by former AFL player Tony Smith
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