Myanmarese snap up Mermaid motel
INVESTORS from Myanmar have made the Gold Coast their road into the Australian property market, buying a highway-front Mermaid Beach motel for $5.3 million.
The A’Montego motel is a 22-room property on a 1641 sqm site at 2395 Gold Coast Highway and also has a Seabeach Ave frontage.
Roland Evans, principal of Canford Property Group, yesterday said the Myanmar buyers intended to keep the motel operating while they looked at redevelopment options.
“They did plenty of homework and decided they wanted to buy the in Broadbeach-Burleigh growth corridor.
“This property has the benefit of having a proposed Mermaid South light-rail station virtually only 50 metres away.”
Mr Evans said he believed the sale rate achieved, at $3229 a square metre, was a high for the eastern side of the Mermaid highway.
Canford’s Laura Langford said the buyers’ first offer was $3 million less than the final price.
“The buyers could have been disregarded with an offer so low.
“However, something told us their intentions were sincere when they requested a last-minute meeting on Christmas Day.
“They’d needed more confidence and understanding of the Gold Coast market to increase their offer.”
The motel was sold by companies McCrink and Parklands, associated with Kieran and Patricia McBrien, which bought it for $2.728 million in 2007.