Pindan Address Owner Occupier Demand Shortfall in Mermaid Beach

Pindan is set to make its first foray into the Gold Coast after receiving development approval for a boutique, luxury apartment tower overlooking Hedges Avenue in Mermaid Beach.

Thoughtfully designed for owner occupiers, with leisure and lifestyle top of mind, Mahala will boast 94 spacious two, three and four bedroom apartments with two car bays, across 25 levels.

Mahala's unique design complements its beachside location, with bicycle and surfboard storage areas and resort-style amenities including a pool terrace, lounge and private dining room, outdoor barbeques and cabanas with lush landscaping.

A rooftop solar farm system will allow residents to benefit from cheaper energy costs and lower strata fees.

Early construction work has commenced on the project's Peerless Avenue site.

Pindan has expanded its operations on the East Coast over the past five years with its funds management arm, Pindan Capital, overseeing $1.7 billion of development projects throughout Australia.

Scott Staniforth, General Manager of Pindan Capital, said the developer had confidence in the Gold Coast market, which offered superb lifestyle appeal and great growth potential following significant investment in new infrastructure.

"Mermaid Beach is one of the most highly sought-after beachside locales on the Gold Coast, and Mahala is positioned in a genuinely unique residential pocket, within walking distance of local restaurants, cafes and the entertainment hub of Broadbeach,"
Scott Staniforth

"It will benefit from the billions of dollars in upgrades happening in the Broadbeach-Mermaid Beach area, including the $500 million Light Rail, $670 million renovation at Pacific Fair Shopping Centre and $850 million rejuvenation underway at The Star casino and its multiple restaurants."

Mr Staniforth said Pindan had partnered with award-winning Cottee Parker Architects to achieve a distinctive design for the project.

"Mahala offers features you would expect in a private beachside home - a beautiful entry, and even a secure drop-off facility for residents who like to have their groceries, wine or other shopping items delivered," he said.

"Mahala means 'neighbourhood' and the building embraces what it means to live in Mermaid Beach. Every apartment boasts large, liveable balconies which open to multiple rooms, creating light-filled spaces which capture sea breezes.

"The vast majority of south facing apartments offer uninterrupted ocean views, while north facing apartments have spectacular vistas of Broadbeach and the coastline."

Mahala is being marketed by Colliers International. Residential Director Andrew Roubicek, who says the market is ripe for boutique beachside apartment buildings.

"In recent years the Gold Coast beachside apartment market has been led by investors, but owner-occupiers are back in force and looking to Mermaid Beach, which has always been synonymous with prestige property and a lifestyle sought-after by many but enjoyed by few," he said.

"Data from CoreLogic shows Mermaid Beach house prices have jumped a staggering 700 per cent over the past 25 years, with the suburb still holding the $27 million record for the highest price paid for a property on the Gold Coast.

"With land supply drying up, apartments like Mahala are in increasing demand, especially from local purchasers wanting to downsize while continuing to enjoy a coastal lifestyle, and Brisbane and interstate buyers looking for a luxury holiday home.".

For more information, visit www.mahalamermaidbeach.com.au or call Colliers on 1800 624 252

Source: Pindan

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