Gold Coast bar baron Scott Imlach is toasting a $3.5m property deal with business partner Michael Craighead after flipping a development site they owned at Mermaid Beach.
The pair, who are part of the team behind Miami venue Precinct Brewing Co, acquired the 820 sqm site about three years ago for a planned future project but put it back on the market with Professionals agents Andrew and Luke Henderson.
The ‘rare double block’ in one of Queensland’s most expensive markets offered multiple rental income streams and sold to a Victorian buyer, delivering gains of $300,000 to the vendors.
Precinct owners (L-R) Jeremy James, Michael Craighead, Scott Imlach (front), Simone Tunbridge and Tom Welch. Picture: Glenn Hampson
Mr Imlach said they had planned to build villas at the site, following on from their last successful project in Miami, where they acquired a vacant 405 sqm block for $1.2m in 2021 and built two new homes which sold for a total of $3.75m earlier this year.
“We were looking at putting five townhouses across the two blocks,” Mr Imlach said.
“It is a fantastic location, but with both of us having young families we have had a change of circumstances and we are now both looking to build own own new houses.”
Mr Imlach and Mr Craighead have partnered in a number of popular local eateries and nightspots, including Nightjar, Nightcap, and Mr Hizola’s.
Three dwellings are currently on the block
The block has a wide street frontage and is close to the beach
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Bine and Hideaway also came under the Imlach stable, while Mr Craighead owned a shop-fitting company called Coastline Builders.
The Mermaid Beach property at 16 and 18 Dolphin Ave comprised three dwellings across the two blocks, including a two-storey original home and brick duplex pair and generating total rental income of $2,125 a week.
Mr Henderson said the site’s total 30m of street frontage added to its appeal for buyers looking to renovate or redevelop, subject to council approval.
“It is rare to get a large parcel like this, where both blocks have a wide street frontage,” Mr Henderson said.
“Double blocks are very rare nowadays, normally there is a substantial structure on either side and only a single block left so this was a really good opportunity to redevelop down the track.”
Hideaway Kitchen + Bar in Broadbeach. Photo: Jerad Williams
The popular Mr Hizola’s restaurant in Burleigh Heads
Located within a short stroll of Nobby Beach and its shopping precinct, the area was described as a “bustling hub providing a perfect blend of convenience and leisure” which would be further enhanced by the upcoming light rail station.
The new owners intended the hold the site while exploring their options.
Records show the property was held through the company, Great Southern Men Developments Pty Ltd, of which Mr Imlach and Mr Craighead were both listed as directors.
16 Dolphin Ave last changed hands for $1.5m in October 2021, and no. 18 for $1.7m in June 2022.
PropTrack data shows house prices in Mermaid Beach were up 25 per cent over the past 12 months to a median of $3.29m.
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