Chequebooks Back Out for Hedges Properties
Date published: 20.8.2009
Published by: Gold Coast Bulletin
By August 2009 the real estate market at all levels was experiencing the after-effects of the GFC. So it was a surprise to the industry and the public when Michael Kollosche achieved a $9.35 million sale of a beachfront cottage at 189 Hedges Avenue. The Bulletin interpreted the sale as a sign the big-ticket buyers were ‘dipping their toes in the exclusive Hedges Avenue property market’ once again.
The quaint two-storey property occupied a double block of 810 sq.m. opposite the Mermaid Beach surf club and had been under the same ownership for 22 years. The owners, two company directors, were reported to have purchased the property for $810,000 in 1987, thus affording them a cool $8.54 million profit. The buyer was not revealed at the time of the sale but the cottage was eventually demolished to make way for a contemporary two-storey home.
The previous month a single level beach house at 19 Hedges Avenue was taken to auction by Michael and sold on auction day for $4.75 million. It belonged to developer Shaun Juniper, the man behind the luxury Soul tower on the Surfers Paradise beachfront, who had paid $2.41 million for it in July 2001. Described as a luxury beach shack, the home featured 4 bedrooms, accommodation for 4 cars and a living area that opened fully to an extensive undercover patio overlooking surf and sand.
These mid-2009 property prices were well below the excesses of the earlier ‘boom years’ when Hedges Avenue blocks were selling for $9 million to $11.5 million. The record per square metre is still held by Harvey Norman’s Queensland boss Steve Cavalier, who paid $19 million for a 796 sq.m. block in 2006. However, property commentators at the time agreed that Michael Kollosche’s recent sales successes heralded a revival of the beachfront real estate market.PreviousNext