Mermaid Village: Prominent shopping centre on light rail route on the market

A big change is coming to a prominent Gold Coast shopping centre on the light rail route, with the potential for it to be redeveloped entirely. FIND OUT MORE

A prominent shopping centre on the light rail route is on the market for the first time in nearly 15 years.

The Mermaid Village complex on Gold Coast Highway, sitting between Alfred and Tamborine streets, is being sold via an expression of interest campaign by Kollosche Commercial.

The 18-tenancy centre, is anchored by a Night Owl convenience shop and will sit just metres from a new tram station which will be built this year.

The shopping centre at 2375 Gold Coast Highway in Mermaid Beach is on the market. Picture: Supplied

Kollosche Commercial sales agent Adam Grbcic said the 4095 sqm site was a “rare find” which was zoned for mixed-use development.

“The property spans an acre with three street frontages in one of the most prestigious suburbs on the Gold Coast,” he said.

“It’s rare to find a 4000 sqm site close to the beach and with such unique zoning.

Adam Grbcic Picture: Jerad Williams

“The completion of light rail construction and anticipated rezoning signals an opportunity for suburbs such as Mermaid Beach to redefine their identity.

“Improved transport connectivity reduces the need for parking and opens suburbs to northern Gold Coast residents.

“This increases accessibility and drives growth along the light rail corridor. There is a huge opportunity to really transform Mermaid Beach.”

The complex has the potential to be redeveloped.

The site has been held by its current owner since 2011.

Its zoning would allow it to be redeveloped into a low-rise tower of up to eight-storeys.

Mr Grbcic said several possible developments could be achieved.

“Typically the council will consider up to a 50% uplift of the height allowance, therefore promoting an opportunity for a total of 36 metres or 11 to 12 storeys,” he said.

It has not changed hands since 2011.

“The site could be developed into a mixed use retail and residential complex, with retail on the ground floor and residential units above.

“There’s also strong potential for short-term accommodation.”

The complex will deliver its owners a net rental income of more than $1m from its tenants.

The expression of interest campaign closes at 3pm on February 20.

Originally published as Mermaid Village: Prominent shopping centre on light rail route on the market