RESIDENTIAL PROPERTY

Melbourne developers target on song Mermaid Beach market

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MELBOURNE-based developers Hirsch and Faigen are set to deliver a apartment tower in the Gold Coast’s Mermaid Beach, buying into the flourishing coastal market.

After acquiring the 1,900 sqm parcel back in June, the developers have lodged plans for the project which will be comprised of a 26-storey Rothelowman designed tower, behind the prestigious beachfront “millionaire’s row”.

“We have carefully selected this site to deliver a high quality residential offering in a very central pocket wedged between Hedges Avenue and Broadbeach, which we will deliver to market on receipt of council approval,” said Richard Hirsch, director at Hirsch and Faigen.

The 146 apartment strong development will be located at 7-9 Mermaid Avenue and will include one-, two- and three-bedroom floorplans, in addition to a sub-penthouse and penthouse floor.

“We are currently working on the design plans and looking to bring something very special to the precinct,” added Hirsch.

The site will include resident’s only amenities such as a 25 metre lap pool, kids garden, gym, yoga studio, wellness spa, sauna and a rooftop sky lounge and wine bar.

Architectural firm Rothelowman also worked with Hirsch and Faigen on their recent Hemingway Palm Beach project, as well as the recently launched Emerson Kirra.

“Mermaid Beach will mark our third project on the Gold Coast which we believe has a tremendous future and is incredibly undervalued,” said Hirsch.

The development site sits within close proximity to Broadbeach’s hospitality, retail and lifestyle offerings, with Pacific Fair and the Casino also in short range.

The supply of new apartments on the Gold Coast is struggling to keep pace with buyer demand, with data from Urbis revealing the current sales rate leaves the market around four months of remaining supply.

Nearby, Abadeen recently snapped up a prime planning approved site on Palm Beach, while Little Projects Co has lodged plans for a residential project in Broadbeach and Tim Gurner lodging plans for a $1.25 billion luxury apartment, hotel and hospitality precinct on Budds Beach

Pending approvals from the council, the Mermaid Beach project is anticipated to launch to the market by early December.

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