Highway to potential
DEVELOPERS are taking a keen interest in a prime spot of commercial real estate at Mermaid Beach.
The 1641sq m A’Montego Mermaid Beach Motel is located on an east-west and north-south intersection on the Gold Coast Highway, which gives it a “strong possibility”, subject to council approval, that this site could be developed as a precinct.
It is within 50m of a proposed G:link tram station, between Seaside Ave and Tamborine St on the Gold Coast Highway, as part of the Stage 3 light rail expansion.
Canford Property Group senior sales executive Laura Langford told the Gold Coast Bulletin the site was operating as a 22-bedroom motel with a “significant holding income”.
She said the owners were considering various options including the sale of the land or a joint venture partnership.
“Typically these residential and commercial precincts have height restrictions lifted above the surrounding neighbourhood,” Ms Langford said.
“The city plan is currently out for public comment and building height limits along high-frequency transit corridors could potentially be up to 33m.
“The vendors are not developers but understand their property has exciting potential and want to be on the front foot to find a buyer/ joint venture partner to achieve a suitable project for the area. Mermaid Beach has a local appeal, many apartments sold in the area have been to local buyers.
“The property is already attracting attention from developers who can see the potential in the site, especially being on the beach side of the highway.”
In mid-2007 the property was bought for $2,728,750 by the current owners. Before that the land changed hands twice since its original sale on August 10, 1976, for $195,000.
A’Montego Mermaid Beach Motel is located at 2395-2401 Gold Coast Highway, Mermaid Beach.
Inspections are by appointment only and the closing date for purchase or expressions of interest is November 23, 2017.
Interested parties should contact Laura Langford on 0449 993 114, Roland Evans on 0433 335 507 or the call the office on 5538 8835.