$11.45 million beachfront home destined for demolition

75 Hedges Ave, Mermaid Beach

An unlisted beachfront holiday home has changed hands for $11.45 million after igniting a fierce off-market battle between two buyers desperate the break into the Gold Coast’s tightly held Millionaire’s Row.

The two-storey house on a 405 sqm block fronting the sand at 75 Hedges Ave, Mermaid Beach was sold by Kollosche agents, Michael Kollosche and Matthew Follent with Tony Velissariou.

Mr Kollosche said the owner had held the property for “a very long time”.

The home on the Gold Coast’s richest strip was sold in an off-market deal

“The owner was not an active seller, but there had been conversations with them around a what-if scenario.

“The buyer had been looking for a property they could ultimately demolish to build a new home, and we had another buyer running on it too.

“We were able to achieve a price that both the vendor and buyer were very happy with, and which shows the strength of the market where there is a lot of local interest and not much supply,” he said.

The sale price equated to $28,271 per square metre, setting a benchmark for a Hedges Ave block bound by neighbouring properties.

The property was previously rented out by its long-term owner

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Records show the property had been rented out by its Sydney-based owner, with the last available rental listing at $3500 a week in 2014.

Despite being destined for the wrecking ball, the residence was described as “perfectly designed to accommodate large families or groups seeking space, comfort and a relaxed coastal lifestyle”.

Property features included multiple living zones, large bedrooms and sweeping ocean views, with an open-plan kitchen, living and dining area upstairs leading to a wide balcony overlooking the beach.

A new owner plans eventually to demolish the house and build new

A second kitchen and living zone were downstairs, along with an entertaining deck and built-in barbecue.

PropTrack data shows the median house price in Mermaid Beach is $3.4m, with 35 homes sold in the exclusive suburb in the past 12 months.

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