Following a recent reconfiguration of the body corporate at Paradise Palms, this property-the original body corporate community hall-is now available for purchase, with view to make residential. With an internal footprint of 237m2 this spacious brick and tile residence is the size of a normal home, all for a fraction of the price. This is an outstanding and rare buying opportunity.
The ideal buyer will have a vision to recreate the space and put their own stamp on a blank freehold canvas to meet residential and corporate guidelines. Serious buyers should study the floorplan ( see image 3) and request a private inspection. The seller demands a swift outcome, hence the motivated listed price. The math of purchasing, reclassifying, renovating, and selling for a profit make sense.
The successful buyer will be required to liaise with the Gold Coast City Council to meet residential regulations. Builders or those engaging in flip projects will be best suited.
There is adequate internal space to potentially create multiple titles, subject to body corporate and GCCC approval. Formating the space into multiple dwellings would make the offering more in line with the sizes of other current villas.
The floorplan already offers a large kitchen, bathrooms and three rooms equivalent in size to a standard bedroom, so meeting residential requirements could be quite straightforward.
There is confidence that this property offers an attractive profit margin for a buyer. Interested parties can be confident that a similar sized community residence ( being the previous sports centre) in the adjoining body corporate, just 30 metres away, has already been converted into a fully registered four bedroom residential dwelling, and looks great. This renovator negotiated with the body corporate to extend outdoor area and create secure parking on title.
Vehicle parking is not offered on title, however, options exist for creating internal parking with a clever concept. FYI some other residences in the community comply with 1 open air space on title, establishing a minimum corporate precedent. A laundry could easily be created using the existing plumbing in the wet areas of the bathrooms or kitchen.
Property Facts & Features ( see image 3)
• The buyer will be required to liaise with the council and body corporate (non-negotiable)
• The sale contract includes a comprehensive form 2 disclosure - standard residential housing contract
• A similar used corporate space nearby has been converted to a residential freehold, so the buyer can be confident
• Current zoning is noted as : Disused Meeting / Function Room
• Corporate operates under a building format plan structure
• Carparking is not offered on title, however there are options for creating space ( as mentioned)
• Recently a 1 bedroom villa sold in the same estate at $730,000 ( approx.75m2 internally)
• As a resident of the body corporate, you will have access to the common grounds, including the swimming pool
• Body corporate fee of approx. $89.44 per week, paid quarterly
• Council land rates of $1578.35 bi-annually
• There are no baring easements or exceptional restrictions over the offered title
• The property will be sold as vacant possession, with no management responsibility
• A short settlement would be most attractive
Please contact Tim Grevell to discuss your interest, or to receive a copy of the full contract. Agent conjunctions are certainly welcome. Private inspections can be arranged for motivated buyers or you may attend the next advertised open home.
Important: Whilst every care is taken in the preparation of the information contained in this marketing, Ray White will not be held liable for the errors in typing or information. All information is considered correct at the time of printing.
