Developers are circling a potential residential development site in Mermaid Beach ahead of its late April auction.
The site, at 2417-2419 Gold Coast Highway, was the original Gold Coast Highway Mermaid Beach Motel, dating back to the 1960s. It was also previously known as the Castle Motor Inn, or to locals The Castle.
But its prime 817 sqm position, just 250 metres from the beach, is interesting developers who are struggling to find development sites for their next projects in the booming Gold Coast market where current stock is flying off the shelves.
Harcourts Coastal agent Jared Johnson, who is marketing the property alongside Lachlan Marshall and Guy Powell, says they’ve already received 130 enquiries.
“Nearly all of the enquiry has come from developers who are scoping out future residential developments”, Johnson says, adding that currently there are little to no opportunities around the area to secure such a prominent location.
Currently the building is 100 per cent leased to eight tenants, with an annual income of $147,420 fully leased. But a projected total income per week is closer to $190,000, once the current leases expire.
Article Source: www.urban.com.au
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