Skip to content Skip to main navigation Skip to search

Investor spends $24m on Miami beachfront property that had no interest from Chinese buyers

September 7, 2017

Nobby's Outlook sold under the hammer for $23.75 million. Picture: Supplied

A Melbourne-based investor faced no competition from the Chinese as he snapped up a beachfront resort in Miami on the Gold Coast on Wednesday.

The two-storey block of 46 vacant units, Nobby’s Outlook, at 122-130 Marine Parade, sold under the hammer for $23.75 million with 17 registered bidders.

But the buyer might have faced even stronger competition had the auction been held just a few months earlier, before Chinese inquiries had begun to slow down.

The Nobby's Outlook resort didn't receive interest from Chinese buyers. Picture: Supplied The Nobby’s Outlook resort didn’t receive interest from Chinese buyers. Picture: Supplied

Colliers International selling agent Darrell Irwin, who marketed the property with Geoff Lamb, said he could see cooling Chinese demand across his listings.

“There is less Chinese interest than there has been in the last two or three years,” Mr Irwin said.

“The lack of Chinese interest suggests the Chinese government crackdown on developers transferring funds out of China is having some effect on demand for Australian real estate.”

Nobby's Outlook faces the ocean. Picture: Supplied Nobby’s Outlook faces the ocean. Picture: Supplied

The 7284-square-metre property attracted 35 bids at the auction, which opened at $10 million.

The mysterious buyer has been “very tight-lipped” about their plans for the site, but Mr Irwin said other interested buyers had been seeking to subdivide the land to small, upmarket lots for use as beachside housing.

The two- and three-bedroom apartments could also be refurbished, demolished or redeveloped into a 220-bedroom complex with a three-storey limit under the Gold Coast Town Plan.

Mr Irwin said beachfront properties were always in demand if it was in a good location, with the agents receiving more than 100 inquiries during the campaign.

“We just don’t get the sites of this scale normally put under the hammer. This is Colliers International biggest auction sale nationally in the last two years.”

Interest for the unit block came from Sydney, Melbourne, Hong Kong and Singapore.

Standing for more than 50 years, the resort was just down the road from Nobby Beach’s iconic theme park Magic Mountain, which closed its doors to the public in 1991.

sign up today