Varsity Lakes
Varsity Lakes

How one man made more than $20m in a land deal

A REFUGEE from Vietnam who took a $2.3 million punt on a piece of Gold Coast land eight years ago has sold it for $24 million.

Nhan Doan, who came to Australia four decades ago, has sold the vacant Varsity Lakes site to a Chinese group after a buyer scramble.

The sale, with GST added, shows as a $26.4 million transaction.

The site value put on the land by the State Government in June was $3.4 million.

Sasan Rahmani, the agent who handled the sale, yesterday said that Mr Doan always regarded the 14 Lake St site, which abuts Bond University and overlooks Central Park, as a unique one.

More on this at Gold Coast Bulletin