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Investor buys a Queensland bargain

By Staff Reporter
14 April 2011 | 6 minute read

James Mitchell

A Sydney investor has bagged a bargain at Surfers Paradise, the latest in a series of similar steals at heavily discounted prices.

The private investor paid $6 million for a beachfront apartment block that last traded at $14.5 million at the height of the Queensland boom.

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The 1151 square meter plot includes a seven-storey tower of 20 strata-entitles units and development approval for an 18-storey residential tower for 14 units.

The 1980s built block reportedly generates $400,000 a year through holiday lets.

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strong>James Mitchell

A Sydney investor has bagged a bargain at Surfers Paradise, the latest in a series of similar steals at heavily discounted prices.

The private investor paid $6 million for a beachfront apartment block that last traded at $14.5 million at the height of the Queensland boom.

The 1151 square meter plot includes a seven-storey tower of 20 strata-entitles units and development approval for an 18-storey residential tower for 14 units.

The 1980s built block reportedly generates $400,000 a year through holiday lets.

You are not authorised to post comments.

Comments will undergo moderation before they get published.

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