Local business identity splurges on two-for-one Main River estate

191-193 Monaco St, Broadbeach Waters

A rare Gold Coast holding across two titles has sold for $12 million after months of stalled offers and a clever campaign twist.

The buyer, a local business identity whose name was not yet disclosed, scored both a mansion and a knockdown, as the vendor finally offloaded his Broadbeach Waters property after the pandemic derailed plans for a sprawling family compound.

The 2,534 sqm parcel with 31m Main River frontage at 191-193 Monaco St was marketed by Amir agents, Zach Murray with Alex and Victoria Fleri, and had been listed since March.

It went under the hammer in March, but offers fell short of the vendor’s expectations, so the agents pivoted, offering up the two titles for sale separately.

A mansion and a renovator were included in the deal

Mr Fleri said several parties were interested in snapping up either the three-level trophy home on the 1,795 sqm front lot, or the second 740 sqm block with an older house ripe for demolition or renovation.

But the strategy ultimately brought forward a buyer who wanted both.

“We decided to reinvent the campaign to see if they could be sold separately, but it worked perfectly to show the aggregate value was in the combined block where you have so much scope for improvement or to glamorise the main residence, and that brought the buyer back to the table,” Mr Fleri said.

The main house was built over three levels

It has seven bedrooms and expansive living areas under high ceilings

Records show dentist David Ng paid $2.95m in 2009 for the property and built a commanding home inspired by the mega-mansions of Sovereign Islands.

Mr Ng left the original house on the block, intending to bring extended family from Melbourne to assist in finishing the project, but that plan changed after Covid lockdowns.

The main residence has seven bedrooms and six bathrooms across a solid concrete construction including expansive living and entertaining areas with soaring ceilings and opulent finishes.

The property did not sell at auction in March, prompting a switch in marketing strategy

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It also features arguably the biggest basement carpark on prestigious Monaco St accommodating 15 cars.

“The best part of the house was the open plan design we always wanted,” Mr Ng said.

“We planned the living area to open seamlessly into the outdoor alfresco area to create a really big entertainment space overlooking the pool, Nerang River and the city.”

The older house at 193 Monaco St, Broadbeach Waters also has a pool

The property comprises two pools — one with the original house, and the mansion’s waterfront showpiece framed by lush landscaping.

There’s also a private pontoon, boat ramp and direct river access, delivering the ultimate Gold Coast lifestyle in one of its most prestigious locations, the agents said.

PropTrack data shows Broadbeach Waters house prices were up 19.8 per cent over the past 12 months, to a median of $2,467,500.

The post Local business identity splurges on two-for-one Main River estate appeared first on realestate.com.au.