Mermaid Beach double lot offers beachfront options
PETER Mitchell, a veteran of the drilling business who sank money into the beachfront at Mermaid Beach nearly 40 years ago and later doubled up, is pulling the plug.
He and wife Dee are selling adjoining properties in Millionaires’ Row – one that cost $200,000 and the other $5 million.
They are being offered as separate properties or as one via an expressions of interest campaign.
Tony Velissariou, of Tony V Real Estate, yesterday said the Mitchells were selling because they were moving toward retirement.
“Their decision to sell offers a rare chance to own a double block in the street. A buyer with beachfront ambitions could demolish both properties and build their dream home.”
The Mitchells bought 67 Hedges Ave, a two and threelevel house, for $200,000 in 1981. The adjoining 69 Hedges was bought in 2005 for $5 million and comprises two apartments.
Mr Velissariou said the Mitchells lived in No.67 at one point but both properties today were let, returning $200,000 a year.
“That income obviously offers flexibility to any buyer who
wanted the double lot and was in no rush to demolish and build.”
The Mitchells went into the drilling business 50 years ago by drilling water bores for Kingaroy peanut farmers.
Today Mitchell Services is a listed company that has more than 400 staff and operates internationally.
The Mitchells’ move to exit Hedges Ave comes in the wake of two major sales of double-lot properties in the past 14 months.
Developer John Potter sold his four-level home to mining royalties billionaire Clive Palmer for $12 million and cotton farmer Alan Frost sold his house to pubs and pokies billionaire Bruce Mathieson for $11.6 million.
The last major land sale was the $6.95 million purchase by Mr Potter of a 607 sqm lot.
Mr Velissariou said Hedges Ave continued to draw interest from Gold Coast buyers, including from Sovereign Islands, and from affluent southern families.
“The Mitchell sell-off offers buyers both single and double options.
“It’s conceivable too that an older-style beach-house on adjoining land might become available, making it possible to create a 1215 sqm amalgamation which could be used for one home or divided into two 607 sqm lots.”