Block of five gold coast units worth 4 million up for grabs in landmark real estate offer

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A LUXURY apartment complex worth nearly $4 million could change hands for as little as $10.

The Gold Coast building, which consists of a $1.17 million penthouse with five bedrooms and four additional apartments with two bedrooms each, is being given away in a lucky draw aimed at raising money for veterans.

The block has the potential to earn the new owner about $200,000 in annual rental income if all the units are rented out.

Located on Golden Four Drive, Bilinga, on the southern end of the Gold Coast, the building has ocean views and is 50m walk from the beach.

The newly-built block includes a swimming pool, while each of the apartments has a balcony to soak in the rare water views.

The penthouse is spread across 258sq m and has an open plan layout.

The building is being given away by RSL Art Union, which has made just short of 2 million tickets available on its website, starting from $10.

Close to 85 per cent of the available tickets have already sold.

The draw will close on December 20 and the winner will be notified on December 23.

RSL Art Union general manager Tracey Bishop said she hoped the new owner would be able to move into the property in time for Christmas. Part of the prize is a $6000 Christmas tree.

This has the potential to change someones life forever, Ms Bishop said. Were hoping it goes to someone who really needs it.

RSL Art Union gave away a similar property to a Pyrmont resident last year.

The winner quit her job, moved up to Queensland and now lives off the rental income from her block, Ms Bishop said.