Local Gold Coast developer grabs Mermaid Beach development site
Despite the wave of interstate developers descending on the Gold Coast, it was a local developer who has snagged a prime site in the heart of Mermaid Beach.
James George, director of Highlife Homes, grabbed the keys to an 818 sqm corner site at 2419 Gold Coast Highway, which currently has a block of eight renovated two-bedroom apartments.
George is now considering a luxury townhouse development by Highlife Homes.
The site comes with an expansive frontage down Hilda Street and is moments away from the picturesque beaches and acclaimed Hedges Avenue - the 'millionaires row'.
GV Property Group's Luke Reaby, who brokered the $4.5 million deal alongside Antonio Mercuri, said they knew the site lent itself to a small builder/developer.
"Mermaid is very much loved by locals due to the low rise characteristics and village feel," Reaby said.
Reaby said Mermaid Beach is the Gold Coast's version of Toorak and Double Bay.
"It's the most expensive area for land on the Gold Coast," Reaby says.
"While land is expensive, with beachfront properties constantly exceeding the $10m price bracket, you can see why a development that provides townhouses for under $2.5m would represent great value to locals and interstate travellers," Reaby added.
Highlife Homes' has a pipeline across the Gold Coast which includes townhouse developments The Sol Project in Coolangatta, The Horizon Project in Burleigh Heads and The Sea Breeze Project in Palm Beach.
