A high-profile land parcel with potential to create a landmark development has hit the market in the Gold Coast’s most prestigious beachfront suburb.

Kollosche Commercial is seeking expressions of interest for a 4,095m2 land parcel fronting the Gold Coast Highway, Tamborine and Alfred Streets in Mermaid Beach, where the zoning presents opportunity for uninterrupted ocean views.

“The property spans an acre with three street frontages in one of the most prestigious suburbs on the Gold Coast,” says Kollosche Commercial lead agent Adam Grbcic. “It’s rare to find a 4000 sqm site close to the beach and with such unique zoning.”

The prime site – which has been tightly held for more than 13 years – sits within the neighbourhood centre zoning which permits building heights of up to 24 metres, allowing for 7-8 storeys. Surrounded by Medium Density Residential Zones, which have a 15 metre height limit, means a large-scale development on this site could achieve uninterrupted views east to the ocean from level 4 and above.

“Typically the council will consider up to a 50% uplift of the height allowance, therefore promoting an opportunity for a total of 36 metres or 11 to 12 storeys,” says Adam. “The site could be developed into a mixed use retail and residential complex, with retail on the ground floor and residential units above. There’s also strong potential for short-term accommodation.”

The site is improved by the thriving Mermaid Shopping Village, home to 18 fully-occupied tenancies offering a combined net income of over $1 million plus GST per annum. The centre is anchored by a Night Owl convenience shop and complemented by a variety of restaurants, fast food outlets and a bottle shop.

“This asset ticks all of the boxes for a medium to long-term hold with strong income or alternatively with leases either including a demolition clause or having a reasonable expiry date, has scope to commence redevelopment plans immediately” says Adam.

The timing of the sale campaign capitalises on progress on the Gold Coast Light Rail project, which will see the line extended from Broadbeach to Burleigh Heads with the subject site serviced by Mermaid Beach South Station. The site is also positioned to benefit from potential future planning amendments aligned with the Light Rail and SEQ Regional Plan dwelling supply requirements.

“The completion of light rail construction and anticipated rezoning signals an opportunity for suburbs such as Mermaid Beach to redefine their identity,” says Adam. “Population growth is concentrated between Broadbeach and Palm Beach along the light rail route, and developments in these areas target medium to high-end buyers.

“Improved transport connectivity reduces the need for parking and opens suburbs to northern Gold Coast residents. This increases accessibility and drives growth along the light rail corridor. There is a huge opportunity to really transform Mermaid Beach.”

Find out more

Contact Adam Grbcic on 0404 087 772 or Tony Grbcic on 0407 968 667.