A power couple paid $40 million for three oceanfront lots they plan to clear to make way for two contemporary homes.
Lucy Henry-Hicks, chief executive of online fashion brand Dissh, and her construction partner Mitchell Lau bought the 1,525sq m site on the southern Gold Coast.
The deal is expected to close in 2025, when the existing structures will be demolished to make way for the new homes.
Mr Lau runs M2 Construct, a high-end construction company, which aims to revitalise the “unparalleled” 34m beachfront along Palm Beach.
The $40 million price tag makes it the largest residential transaction in the city.
Today, the property houses a 1960s-style hut, a pole house and a villa.
Former Sydney Swans player Tony Smith, who has since become an investor, previously owned the tract of land.
GV Property Group marketing agent Luke Reaby said the homes had attracted fierce competition from four local developers before its eventual sale.
Lucy Henry-Hicks, chief executive of online fashion brand Dissh, and her construction partner Mitchell Lau bought the 1,525sq m site on the southern Gold Coast.
The deal is expected to close in 2025, at which point the existing structures will be demolished to make way for the new homes.
“Interest in this property was immense, but in the end, we were pleased to see it go to a Queensland family who truly appreciate the unique value of this site,” Reaby said. realestate.com.
‘Typical beachfront blocks in Palm Beach have 10m of frontage, so with 34m of absolute beachfront coupled with a corner aspect, this property provides a level of privacy and exclusivity that is truly unique.
‘This sale is a milestone that highlights the evolution of Palm Beach as a prime location for residences and investments.’
The sale fell just short of breaking the record of $28,395 per square metre set by a separate beachfront block at Mermaid Beach in early 2024.
That property was purchased by Clive Palmer and his wife Anna, who paid $28 million for a home on Hedges Avenue from lottery promoter David Kennedy in February.
Mr. Smith’s former property sold for only $26,000 per square meter.
Property documents show the couple agreed to pay $25.3 million for the beachfront property and another $3.2 million for the property behind it.
The last block, also facing the beach, sold for more than $11.5 million.
Mr Reaby said “a lot of the generational wealth” concentrated in nearby Mermaid Beach has begun to rapidly gentrify the area as new investors arrive.
Mr Lau runs M2 Construct, a high-end construction company, which aims to revitalise the “unrivalled” 34m beachfront along Palm Beach.
Ms. Henry-Hicks comes from a long line of fashion lovers and her father, Melville Hicks, co-founder of City Beach, and mother, Maree Henry, founder of Dissh.
His daughter took over the business in 2019.
BBillionaire Brett Blundy invested a significant stake in Dissh through his private equity group, BBRC Worldwide, in March.
The brand started out as a brick-and-mortar store before Henry-Hicks convinced her mother to focus on e-commerce.
Ms. Henry-Hicks and Mr. Lau have a daughter together and are Expecting a child later this year.
The couple He recently purchased a newly built luxury property near Ms Henry-Hicks’ parents’ beach house.
Mr Smith founded the BreakFree accommodation group and owns FINNS Beach Club in Bali.
Ms. Henry-Hicks comes from a long line of fashionistas: her father, Melville Hicks, co-founded City Beach, and her mother, Maree Henry, launched Dissh
