Gold Coast Bulletin
Nobby Beach unit owners set for $30m windfall
after mass decision to sell ageing resort
QUENTIN TOD
OCTOBER 01, 2014 12:00AM
The owners of the 46 apartments in Nobbys Outlook, which sits at the base of Nobby Hill and overlooks the
ocean, have decided to sell the property or joint-venture its redevelopment
ALMOST 50 unit owners at an ageing Nobby Beach holiday resort have agreed
to sell the properties as one parcel, potentially netting as much as $30 million.
Some of the owners of the 46 apartments in Nobbys Outlook paid as little as $50,000 for
their seaside properties.
The resort sits at the base of Nobby Hill, overlooking the ocean.
And developers have been knocking since 1988 in a bid to capitalise on the 7284sq m
Marine Pde site.
Elyse Cochrane (12) loves living at Nobby's Outlook. Picture: David Clark
The last approach, in 2011, included a developer offering owners new units in return for the
owners’ old ones, and valued the site at more than $30 million.
Bronwyn Bartal, the Melbourne-based chairperson of the body corporate, yesterday said
unanimity of owners was possible because Nobbys Outlook needed nearly $4 million spent
on repairs.
“It’s clearly past its use-by date,” said Ms Bartal, one of four generations of her family to
holiday at Nobbys Outlook.
“We all love the location but we have to be realistic.”
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Nobbys Outlook was built in 1966 and consists of four two-level buildings fronting a
recreation square that includes two pools.
Unit owners like Neil Horne (blue shirt) and Neil Douglass, with children Toby and Gordon Douglass, have owned
units in the complex for years. Picture: David Clark
The most paid by any of today’s owners was $630,000 in 2008. The latest sales were in
2013, at $375,000 and $380,000.
The sell-off consensus by Nobbys Outlook owners comes in the wake of 17 owners in a
nearby Albatross Ave beachfront unit block last year selling their property for $12 million.
The Nobbys Outlook case has one big difference — the owners are keeping the option of
having some “skin in the game” when their site is redeveloped. Jayde Pezet, of KM Sales
and Marketing, yesterday said the owners, as a group, were prepared to be flexible in
negotiations.
The 7284 sq m Nobbys Outlook is expected to fetch a hefty price but owners could decide to participate in the
redevelopment.
“They are keen to consider a variety of options, including participating in a redevelopment,
‘cashing’ out their investment, or an outright sale,” he said.
Nobbys Outlook is being sold by an expressions of interest campaign.
http://www.goldcoastbulletin.com.au/news/gold-coast/nobby-beach-unit-owners-set-for-30m-windfall-after-massdecision-to-sell-ageing-resort/story-fnj94idh-1227075607959
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