A 993 square metre vacant block on the Gold Coast’s most exclusive beachfront strip has been sold for an extraordinary $26,000,000 by Kollosche.

The parcel at 139-141 Hedges Avenue in Mermaid Beach has become the most expensive house site along the avenue and marks the second-highest sale in Mermaid Beach and the fourth highest residential sale across the Gold Coast.

It was purchased by a local buyer in a collaborative deal facilitated by Kollosche principal Michael Kollosche, alongside sales agents Troy Dowker, Harry Kakavas and Tony V.

While the property comes with vast potential, including the ability to subdivide, or develop a boutique block of high-end apartments limited to three levels, Michael says that the new owner intends to build a luxury home on the site.

The outcome is a welcome result for sellers Andrew Fahey, co-founder of online bookmaker PointsBet, and his wife Katrina, who acquired the block in 2022 for $17,500,000 as part of a larger amalgamation, with their own intentions of building their dream home. Despite having numerous sets of plans drawn up by award-winning architect Bayden Goddard, a change in family circumstances led the couple to place it on the market.

The site was initially marketed as two single blocks, to be sold separately subject to subdivision approval. However, based on buyer feedback during the marketing campaign, the scarcity of supply and market conditions, Michael says, it became apparent that it would be more practical to reposition it and sell it as a single parcel.

Spanning 993m2 and occupying approximately 24.7m of beach frontage with direct access to the sand and surf, the site is the larger portion of an 1,800 square metre lot the Faheys brought together at a cost of $35,000,000.

Michael says the current offering presented an extremely rare opportunity in what remains a very tightly held segment of the market.

“The Gold Coast beachfront market is exceptionally strong with opportunities to purchase along key streets, such as Hedges Avenue and Albatross Avenue being extremely limited.

“This site was particularly rare for its corner position offering east and south-facing aspects with a dual street frontage, and the price is reflective of that.”

The sale is one of four blue-chip sales on absolute beachfront in Mermaid Beach for Michael and his team this year.

In February Michael, Harry and Tony V sold 65 Albatross Avenue for $16,950,000, then in March Michael and Harry sold 13-15 Albatross Avenue for $25,000,000 in an off-market deal.

They followed this up in April with the sale of 2 Surf Street at auction for $11,500,000, which set a new record price per square metre for the suburb.