Smallest ever lot in the GOLD COAST listed for sale

PHOTO: Gold Coast. FILE

According to realestate.com.au an unprecedented sub-division of half the minimum lot size has drawn wide interest from small-scale developers seeking a more affordable entry to one of the Gold Coast’s most popular beachside markets.

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The 125sq m block of residential land at 2/22 Twenty Fourth Ave, Palm Beach is for sale via an expressions of interest campaign with Jarrard Lemming, of Ray White Burleigh Group.

Owners Rebecca and Richard Hersel paid $360,000 for the original 405sq m block in 2003.

The vendors were granted development approval to split the lot in August, and will retain and build their dream home on the larger 280sq m block.

Conceptual plans by Cesar Taboada Architect for a double-storey three-bedroom house with a roof terrace were submitted to council, while a buyer could pursue a three-level townhouse project on the smaller lot.

The sub-division was approved in August

Mr Lemming said the listing presented a prime investment opportunity just 250m from the beach.

“It’s the first time anyone has done a sub-division this small in Palm Beach, which I think is really exciting because it is going to set a new precedent,” Mr Lemming said.

Discover the laid-back Gold Coast suburb with double-digit house price growth

“This is an opportunity, firstly to provide more housing, which is especially needed with the growing population on the Gold Coast and particularly in the southern suburbs.

“But it also gives people an option to live in such a desirable location for a fraction of the price, whereas if you were trying to buy a newly built house on a 405sq m block it’s going to cost you over $2m,” he said.

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Mr Lemming said he had received interest from local architects and builders as well as interstate investors.