Jonathan Chancellor | 28 January 2013

Graham Spottiswood's Alston at Southport sells for $9.8 million

One of Gold Coast's most exclusive residential offerings – the riverfront Southport mansion Alston – has been sold for $9.8 million.

The price benchmark was set two doors away last June, when $9.5 million was paid for the former Quinlivan home when sold to the semi-retired cotton farmer Ted Hadley.

Alston, an European-style house, went to weekend auction through John Natoli and James Ledgerwood of McGrath Broadbeach under instructions by Grant Sparks and Craig Ticehurst of PPB Advisory.

"Buyers are now starting to see the opportunities and value and are therefore starting to shop again with some renewed confidence," John Natoli told Property Observer.

The 3,442 square metres of land Alston sits on was bought from split-cycle engine inventor Rick Mayne for $2.35 million in 1998.

Completed in 2010, Alston boats six bedrooms, seven bathrooms and seven fireplaces spaced over 2,225-square metres of floor area.

“The second you step into this property it is more than obvious that the quality of design, inclusions and meticulous attention to detail positions this very special home as one of world-class standing,” the McGrath marketing.

Alston is fenced with exclusive mansions of Riverina Marine founder Bill Barry-Cotter to the south and former V8 supercar executive chairman Tony Cochrane to the north.

“This dress circle riverfront address is one of the Gold Coast’s premier enclaves and has been tightly held and rarely available,” the marketing said.

Caught in the long downturn, it was in July 2011 that Spottiswood listed Alston without success with $20 million price expectations through Christies International.

In February this year Spottiswood was still holding out for a buyer.

Bidding opened at its weekend auction at $7.5 million with transport company owner Peter Smith the reported buyer, according to the Gold Coast Bulletin.

But a subsequent report by the Australian Financial Review gave the buyer as the semi-retired cotton farmer Ted Hadley, but he was the official buyer of the Quinlivan property in June last year. The Bulletin reported the opening bidding and eventual under-bidder was reportedly David Baird, an entrepreneurial investor from Cronin Island.

There was a  third contender who made just the one bid of $8.5 million.

The Bulletin noted the successful $9.8 million bid was lodged by phone via lawyer Geoff Wockner. Mr Wockner would not reveal the name the buyer to the Gold Coast Bulletin and neither John Natoli or James Ledgerwood confirmed its buyer.

John Natoli says the fact there were three bidders and all were prepared to pay at least $8.5 million was a great sign.

"It's a very encouraging way for the top end of the market to start 2013."

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