After a recent tender, the former National Australia Bank building at 12-14 Albert Avenue in Broadbeach now has a new owner.

Believed to have been purchased by Melbourne business man George Raptis (unrelated to Gold Coast based Raptis Group), the price of $7.7m is well short of the $12m+ price offered by Matthews Property Group back in July 2006.

It’s also believed that Mr. Raptis has an option to buy the Commmonwealth Bank building at 16-18 Albert Avenue, (currently owned by a company related to Matthews Property Group) and air rights over the Niecon Plaza building.

The resultant site, at over 2,400sqm in size and with a 35 storey height restriction would represent one of central Broadbeach’s last significant development sites.