Strong local, interstate and offshore buyer interest reflects undersupplied apartment market and scarcity of mixed-use land on the Gold Coast
The Lanes Retail Precinct at Mermaid Waters has transacted for $32 million to Abedian and Co, concluding a highly competitive international Expressions of Interest campaign and marking one of the most significant mixed-use site sales on the Gold Coast.
Transacted by Colliers experts Steven King, Matthew Meynell, Harry Dever, and Troy Linnane on behalf of Ankura as Receivers and Managers, the transaction reflects strong demand for large-scale, development-ready assets amid an undersupplied residential apartment market.
The EOI campaign generated 163 enquiries, with 19 qualified groups progressing through the data room and five formal offers submitted, culminating in an unconditional contract at the close of the second round.
Colliers Managing Director Office Capital Markets and Investment Services Matthew Meynell said, “Interest came from a broad buyer pool, including owner occupiers, offshore capital and high-net-worth private investors.
“This depth of enquiry demonstrates the market’s appetite for DA-approved, mixed-use sites that can deliver both near-term income and long-term development upside.”
The property comprises a 20.86-hectare mixed-use zoned landholding across two lots, prominently positioned on the high-profile corner of Hooker Boulevard and Bermuda Street within a 42-hectare master-planned lakeside community forming part of a broader development vision for Mermaid Waters.
Colliers Gold Coast Director in Charge Steven King said, “The level of competition throughout the campaign highlighted just how scarce mixed-use development opportunities of this scale have become on the Gold Coast.
“This site offered buyers a rare combination of size, zoning, existing approvals and a highly visible corner position within an established catchment.”
The shovel-ready site benefits from an existing Development Approval for 13,803sqm of retail, dining, wellness and entertainment uses, together with a lodged Development Application for 700 dwellings across landmark residential towers and 19,212sqm of commercial GFA (STCA).
Colliers Associate Director Retail Middle Markets Harry Dever said, “This result reinforces the depth of demand for large scale, mixed use development sites in prime growth corridors and highlights Colliers’ capability in executing complex high profile sales.”
Anchored by a 3,500sqm lakeside green space, the site enjoys skyline and water views, direct access to major arterial roads and exposure to over 37 million vehicle movements annually.
Colliers Director Residential Development Sites Troy Linnane said, “The Lanes Retail Precinct is the centrepiece of a visionary 42-hectare master planned community that will redefine the Gold Coast community, blending lifestyle, leisure and community in a way that’s never been done before.”
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