Crops grower to sell Coast property for 40 times what they bought it for
Crops grower to sell Coast property for 40 times what they bought it for

Farmer’s incredible profit on 727 sqm property

A WESTERN Downs wheat and crops grower is heading for a bumper harvest - on the Gold Coast.

Lynette Ziesemer, who owns multiple stations covering thousands of hectares, has a Hollywell holding that, by comparison, is minuscule.

The vacant James Cook Esplanade lot, which overlooks the Broadwater, is a mere 727 sqm.

It has been in her family since it was bought for $47,900 42 years ago.

The intention might well have been to build a retirement home on it but a 2005 setback - Lynette's husband Rex died in a farm accident - might have ended such an idea.

Now the Hollywell lot is on the market, by way of online auction, and the likely 'cash crop' for Lynette looks certain to be a bumper one.

 

26 James Cook Esplanade, Hollywell. For On the QT
26 James Cook Esplanade, Hollywell. For On the QT

 

The site has a 2020 rateable value of $1.75 million, or more than 36 times the price paid back in 1978.

That multiple, given the land's blue-chip position, might well climb above 40 times at the pre-Christmas auction.

One authority on such sites believes a sale at $2 million or more is 'achievable'.

The property looks across parkland to the Broadwater and at its rear has an 18-metre frontage to a deep canal that affords direct access to the Broadwater,

It is being sold at a time when waterfront land prices are bullish, with a near-drought when it comes to such blue-chip sites as Lynette's one.

A comparable sale of such residential land came south of Hollywell in Anglers Esplanade, Runaway Bay, a year ago.

 

 

Investor Glenn Molloy paid $6.75 million for three lots - two with older homes on them - that also look over the Broadwater and have a canal at the rear.

The package gave him a 2208 sqm site on which up-market low-rise apartments have been flagged.

There is some competition in the market for Lynette but it's in a different price paddock.

Harvey Norman billionaire Gerry Harvey is trying to sell three lots, each directly fronting the Broadwater, for $5 million each.

Ziesemer street James Cook Esplanade, which is immediately north of the Allisee multi-level community, has only 14 lots.

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The last sale, in February, was of a dual waterfrontage home for $1.715 million in what was described as a rebated sale - the true price once any other considerations, such as a cash rebate for early settlement, are taken into account.

The June 30 rateable value of the 747 sqm site was $1.2 million - $500,000 less than the Ziesemer land.

An aside to the move by Lynette to sell her site is that it's a one-off for the man handling the marketing.

Rob Wildermuth's a former co-owner of Ray White Rural Roma, today is part of the Brisbane-based Ray White Rural, and lives at Carrara.

He focuses on rural and lifestyle properties and it's that rural bent, and a connection with the Ziesemer camp, that's seen him enlisted for his waterfront foray.

Originally published as Farmer's incredible profit on 727 sqm property



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