51 Peerless Avenue, Mermaid Beach

Construction updates

The development at 51 Peerless Avenue (a.k.a 2583 Gold Coast Highway) will be constructed over nine levels, plus two levels of basement car parking and a communal roof top terrace.

Visitor parking and a retail lot will be located on the ground floor with three commercial/office spaces on the first floor. The residential units will be located on floors two to eight. A single passenger lift will service all floors.

Being an established beachside holiday location, Mermaid Beach is well serviced with popular local shopping, cafes and restaurants, with Pacific Fair Shopping Centre located 300 metres across the highway from the subject development.

In addition, tram and bus services are in close proximity as well as both state and private primary and high schools.

The proposed units have been architecturally designed to be relative to and compliment the modern developments surrounding the subject and also the wider Gold Coast region.

12 of the 32 residential units are unconditionally under contract with prices 3.96% above valuation.

Construction is 23.72% complete, as of our QS’s inspection on 1 May 2018. The basement one, basement two, ground floor and level one slabs and structural elements are complete, with structural elements to level two progressing.

One of the directors of Peerless Avenue Pty Ltd, Chris Bolger, is well known to GPS as the borrower on past projects: stages one and three of ‘Allisee Villas’ at Hollywell (Sierraville Pty Ltd) and most recently townhouses at ‘Currumbin Pocket’ (Kezcorp Pty Ltd). All of which paid out within term and without issue.

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Peerless Avenue Pty Ltd is currently open for investment. Please contact Olivia for a copy of the SPDS on 1800 999 109 or olivia@gpsinvest.com.au. Photographs above were taken 1 May 2018.

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