FKP has set a record on the Gold Coast by paying $75 million for a residential development site in the Currumbin Valley, owned by Devine.
The 153.12 hectare site has a projected end value of $300 million, has been agreed on terms that allow for staged payments over a number of years, the first of which is a $25 million instalment due on receipt of operational works approval.
FKP’s chief executive Peter Brown said the site represented one of the highest quality residential development opportunities remaining on the Gold Coast.
“Securing the right location in
The project is expected to include 106 home sites and 421 villas, but three-quarters of the site will be preserved as public space and natural vegetation.
A 16 hectare artificial lake will be created at the foot of the site along Currumbin Creek, whilst the elevation of the McPherson ranges allows views to
The parcel of land, which is currently used for farming, sits between
Devine’s managing director David Devine said the company made the decision to put the prime site on the market following a number of off-market approaches from major developers.
“By doing so, we were able to secure the best outcome for shareholders and generate an attractive return on our overall investment in the site,” Devine said.
Devine acquired the site for $27 million in September 2003.
The sale was coordinated by sole agent Andrew King, joint managing director of DTZ in
King said the Hideaway @ Currumbin sale was one of the largest in the Gold Coast’s history.
Australian Property Journal
