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.
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.
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