Investor buys a Queensland bargain

James Mitchell

A Sydney investor has bagged a bargain at Surfers Paradise, the latest in a series of similar steals at heavily discounted prices.

The private investor paid $6 million for a beachfront apartment block that last traded at $14.5 million at the height of the Queensland boom.

The 1151 square meter plot includes a seven-storey tower of 20 strata-entitles units and development approval for an 18-storey residential tower for 14 units.

The 1980s built block reportedly generates $400,000 a year through holiday lets.

James Mitchell

A Sydney investor has bagged a bargain at Surfers Paradise, the latest in a series of similar steals at heavily discounted prices.

The private investor paid $6 million for a beachfront apartment block that last traded at $14.5 million at the height of the Queensland boom.

The 1151 square meter plot includes a seven-storey tower of 20 strata-entitles units and development approval for an 18-storey residential tower for 14 units.

The 1980s built block reportedly generates $400,000 a year through holiday lets.

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