Coastal suburban development block off the market

A property marketed as “the last coastal suburban development block” on the Hibiscus Coast has been withdrawn from sale. 

The land, at 198 Pinecrest Drive, Gulf Harbour, has beach access and coastal views and was put on the market last October (HM November 6). 

It is the final portion of a farm that was first owned by Ranulph Dacre in the 19th Century and has since been owned by the Shakespear and Hobbs families. The 13.43ha site is zoned for residential development and a concept plan for 119 sections and two larger lots of terraced housing was drawn up as an example of the density that could be achieved on the site. 

The CV is $15.25 million. Bayleys Real Estate agent Roger Sumich says there was interest locally and from overseas but that none of the offers presented to the owners were substantial enough, and they have decided to hold onto the property for now.


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