Risks and Rewards of Amalgamation Huge demand for Gold Coast real estate makes it an ideal time for unit owners to band together to amalgamate property and attract developer attention.
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malgamations aren’t quick and easy exercises, but there are big rewards for owners who get the details right – particularly given the insatiable appetite for new apartment projects in the city. An amalgamation is where unit owners in a multi-unit block collectively agree to combine their properties to form a single lot and offer the holding as a development site or as multiple strata-titled units in one line. Amalgamations have become more common on the Gold Coast where vacant development sites are lacking, particularly in central areas such as Broadbeach, Mermaid Beach and Surfers Paradise. The popularity of amalgamations for unit owners comes down to the potential to
sell for a higher price compared to individual market listings aimed at non-developer buyers. This is especially true for beachside boutique complexes built in the 1970s and 1980s which are ideal high-density development sites. The older these complexes become, the more costly they become to maintain, which can provide further motivation for owners to sell. Commercial agents Adam and Tony Grbcic, together with John and Nicole Mayer of Kollosche New Projects, have recently listed the El Dorado building in Broadbeach – an amalgamation of six units on a 654m2 block aimed at both developers and investors seeking a significant holding in this high-growth suburb.
El Dorado, Broadbeach
