Livability meets luxury in rare Gold Coast development site   

18 July 2024

Prime position close to Millionaire’s Row, beach, and lifestyle and transport amenities

BRISBANE, 17 July, 2024, 2024 – A rare three-street frontage development site just 100m from the Gold Coast’s famed Millionaire’s Row has come to market for the first time in almost 30 years.

The 3302sqm site at 2547-2557 Gold Coast Highway, Mermaid Beach, is being sold via an Expressions of Interest (EOI) campaign with JLL’s Ned McKendry, Sam Richards and Jacob Swan.

Mr McKendry said the development site, which had favourable Mixed-use zoning with potential development to 24 metres as code assessable, offered extraordinary – and rare – value in terms of location.

“The development site lies on the eastern and beach side of the Gold Coast Highway, which strengthens its desirability for potential buyers,” he said.

“This is paired with its proximity to both the Gold Coast’s amazing beaches and to Hedges Avenue, long established as one of the city’s most exclusive residential addresses.

“The retail and hospitality amenities of Pacific Fair are just 300 metres away while the Broadbeach South light rail station is a roughly two-minute walk.

“These complement Mermaid Beach’s easy access to thriving enclaves including Burleigh and Broadbeach, creating a true marriage of livability and luxury.”

Mr Richards said the site would have prime appeal for a residential developer to deliver a mixed-use project encompassing ground floor retail and accommodation above (subject to council approval), with the efficient site fundamentals to be another key point of difference.

“The substantial land parcel allows flexibility for the incoming purchaser to deliver a staged development project, with opportunity to deliver several buildings across the site,” Mr Richards said.

“The site has excellent fundamentals, with the frontage to three streets ideal for development as it provides efficiency through construction, as well as natural light to all building frontages. 

“The rectangular shape of the site is also preferred for development, with future residential/accommodation outcomes able to be constructed around a central core to maximise apartment/rooming yield.”

Mr Swan noted the medium density zoning of the site’s residential neighbours to the east created a protective view corridor towards the natural beauty of the coastline.

Further appeal came by way of existing retail improvements.

“The block is fully leased with an array of lifestyle tenancies,” he said. “This ensures secure and significant holding income for a buyer while they seek development approvals.”

Mr Swan foreshadowed a competitive EOI campaign given the combination of improvements, income and development or landbanking potential. “These advantages are backgrounded against the fact there is a dearth of premium development sites within the Mermaid Beach precinct,” he said.