Modest knockdown property sells for $5 million
A modest single-storey property is currently on the market for a significant sum due to strong development interest.
From the exterior, this Gold Coast property appears to be a typical single-storey house, blending into the neighborhood.
However, the property actually consists of four small units, each featuring one or two bedrooms for potential residents.
Now, this unassuming medium-density property is attracting attention from developers eager to extract more value from the beachside block.
Tony Velissariou of Kollosche has listed the Mermaid Beach property with an asking price of $4,975,000.
It’s evident why this humble property is garnering such a high price tag in today’s market.
Located just one block back from the beach, the site enjoys a prime position in one of Gold Coast’s prestigious suburbs.
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The property comes with development approval for a boutique apartment block, designed by architect Shane Denman, enhancing its investment potential.
This planned development includes a luxurious double-storey penthouse featuring its own rooftop pool for exclusive enjoyment.
Additionally, the three-family apartment block would offer two more units, providing further rental opportunities for the new owner.
Residents will also benefit from a second communal pool, beautifully landscaped gardens, and a nine-car basement for convenient parking.
In the meantime, the new owner can continue to rent out the existing units to current tenants for immediate income.
“Occupied by a block of four single-storey units, the blue-chip address offers residents a highly desirable walk-about-town lifestyle,” states the listing.
Here, patrolled beaches, cafes, and a variety of dining options are just moments away from the doorstep.
