The Sapphire development site in the Gold Coast beachside suburb of Budds Beach is up for sale, being offered to the market as a whole city block in one line or as individual residential properties. 

The Sapphire site consists of an entire city block of 11,470sqm bounded by Norfolk, Pine, Oak and Ferny avenues at Budds Beach on the fringe of Surfers Paradise. 

Some lots are vacant, while others are occupied by various single-level and double-level dwellings, and a super-lot fronting Ferny Avenue. 

At a glance:

• Entire block of 11,470 square metres at Budds Beach, God Coast, up for sale through Knight Frank
• The property has DA approval for a major development but no warranty is given in relation to it
• Buyers are offered the chance to purchase asset as entire block or individual residential properties

The Sapphire site will be taken to the market in a campaign run by Mark Witheriff and James Branch of Knight Frank, who are acting under instructions from Deloitte appointed by the mortgagee. 
 
The site is approved for a development known as ‘Sapphire’, which would have comprised 1,000 apartments over two high-rise apartment buildings (of  71 and 33 storeys) as well as a café, community centre, restaurant, shop and take-away food premises.

Buyers must undertake their own due diligence in respect of that approval, as no warranty is given in relation to it. 

The campaign for the sale of the site is two-fold.

As a whole, the site presents an opportunity to create a destination on a near-beach development site. 

The current zone for the site also provides for a variety of alternate development types and with a light rail station nearby, options include hotel, residential, retail and commercial uses maximising the site’s extensive view corridors in all directions. 

As individual beach houses, all interested parties are welcome to consider the individual existing properties which include a range of housing types including the typical tropical beach home, duplexes and vacant land for the construction of new homes and apartments befitting the location. 

Mr Witheriff said the marketing campaign offering the property for sale in one line or in parts gave options to the market for the purchase of a site made up of many existing titles and properties. 

“This is a truly unique and diverse opportunity - there is no similar offering in the marketplace - and we urge all parties to consider participating in submitting an offer,” Witheriffe said. 

“The intent of this offering is to provide a broad range of opportunities within the city block and recognise both the immediate development potential of the various properties and its highly desirable and liveable location. 

“The existing dwellings offer both owner occupiers and potential investors various opportunities to acquire either one or multiple properties, underpinned by significant future development potential, including both residential and commercial.
 
“We expect some buyers may consider acquiring a grouping of lots attracted by the future development potential in the precinct.”

Mr Branch said it was anticipated that interest would come from both major developers as well as individuals looking for a slice of land in Budd Beach.

He said that buyers from all along the East Coast of Australia now recognised the rapidly diminishing opportunity to acquire well located property in close proximity to ocean front and high-grade amenity and services. 

“The Budds Beach precinct has traditionally been regarded as an idyllic location with its own waterfront parkland and pristine beach and is the home of the “locals secret meeting place” being Bumbles Café, located on the river,” he said.
 
“The properties are a short stroll to Central Surfers Paradise beachfront and all of its amenity including kilometres of patrolled beaches and cycling/walking paths and multiple retail and dining options.”

The Sapphire site is being offered for sale in whole or in parts by formal tender closing on 28 November.

Knight Frank will be conducting an open for inspection of individual homes on the Sapphire site on Saturdays during the campaign.

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