The Landmark: Mermaid Beach development’s surprise impact on office space

A green-lit $2bn mega development next to a major shopping centre will have an unexpected impact on the city’s property market, leading real estate figures say.

A green-lit $2bn mega development in Mermaid Beach will take pressure off the city’s tight office market, leading real estate figures say.

Aniko Group’s $2bn, four-tower The Landmark will begin construction at Mermaid Beach later this year and will feature three residential towers of 25,30 and 40-storeys respectively, along with a 53-level supertower which would include “a mix of hotel suites and private hotel branded residences”.

Aside from the housing, real estate figures say the project will create more than a year’s worth of supply once it opens.

New artist impression of Ankio Group's The Landmark development at Mermaid Beach.

Colliers Gold Coast director-in-charge Steven King said the towers would have up to 11,000 sqm of office space, the largest since Oracle was completed in the late 2000s.

“The landmark represents one of the biggest injections of office space in the Gold Coast market for more than a decade,” said Colliers Gold Coast director-in-charge Steven King.

“It comes amid an acute shortage of new office developments across the city due to higher construction costs, labour shortages and increased borrowing costs.

Colliers Gold Coast director Steven King.

“In a single hit, The Landmark will open up more opportunities for businesses to secure A-grade space close to key transport nodes in the central Gold Coast precinct.”

CBRE’s Gold Coast Office Market Report, released earlier this year, said the city’s market vacancy sat at 6.4 per cent, among the nation’s lowest

Tania Moore, CRBE’s senior investor leasing director, said she expected the market to get tighter before the new supply of space was completed.

The Gold Coast office vacancy rate could fall to 2-3 per cent by 2025. We desperately need more A-grade office space and have been waiting for this supply since Oracle in Broadbeach was introduced to the region 14 years ago,” she said.

“The central Gold Coast is desperate for major A-grade office space, as the region continues to grow and evolve into a corporate nucleus.”

Originally published as The Landmark: Mermaid Beach development’s surprise impact on office space