Stoush over ‘daggy’ Rainbow Beach apartment block
BRISBANE developer Allan Larkin insists he wants to rehabilitate rather than demolish a dilapidated block of units on an idyllic beachfront site at Rainbow Bay despite admitting they're an eyesore.
The 52-year-old, who regularly holidayed in the area as a child, admits it's an unusual move given the number of old beachfront homes that have been knocked down for their prize land in recent times.
It has the last remaining apartment owner in the Surfcomber at 158 Marine Pde, semi-retired academic Dr David Conley, sceptical that it's just a strategy by Mr Larkin to encourage him to sell at a cheaper price.
Dr Conley said he was hoping to sell his apartment for $1.8 million to Mr Larkin to make way for a swanky new multi-million dollar high-rise.
Mr Larkin already owns the other four units in the block.
He also has several other interests in the area including a home he built and spends half the week in.
But Mr Larkin said: "He's dreaming. I've offered him double the current evaluation and he's knocked it back."
Mr Larkin said even if he was prepared to pay Dr Conley's price, he still wouldn't knock down the apartment block because he didn't have the money to re-develop.
"It's a tough game out there at the moment," he said.
Market conditions were also not ideal and he was prepared to revamp the existing apartment block and sit on the property for at least 10 years.
He is to ask a meeting of the body corporate on August 6 to seek two quotes from builders for the building facelift.
But Dr Conley, who has been renting out the apartment since 1992 two years after buying it, remains suspicious
"It's a real daggy place," he said.
"I thought Mr Larkin would want to build Marine Parade's first high-rise in some 30 years instead of a retrograde return to the 60s."