A set of Coolangatta beachfront development sites have been sold for $1.85 million to a Gold Coast developer.

Comprising 1,412 square metres, 8-10 Miles Steet is 200 metres from the beach and surrounded by cafes, restaurants and shops.

The Medium Density Residential zoning allows for 12 two-bedroom, two-bathroom units and a building height of 15 metres.

At a glance:

• A Coolangatta development site spanning 8-10 Miles Street has been sold to a Gold Coast developer for $1.85 million.
• The deal was brokered by Sam Riley and Brad Duncalfe of Ray White Commercial GC South.
• The property comprises 1,412 square metres and is zoned Medium Density Residential.

Ray White Commercial GC South agents Sam Riley and Brad Duncalfe brokered the deal after the developer of an adjoining site approached Mr Duncalfe saying he was considering selling surplus land to his adjacent development.

The site was taken to market on an offers to purchase campaign that generated significant enquiry, with the sale occurring within the first month of marketing.

The site was purchased by a local developer who was looking to break into the Coolangatta market

Mr Duncalfe said the property had "significant upside" due to its close proximity to Kirra Beach and strong market conditions for unit sales in nearby developments.

Similar to this:

Surfers Paradise retail units sold for $1.5 million

Tweed Heads freehold investment sold for $1.31 million

Varsity Lakes waterfront development sold for $14 million