Brisbane-based Mosaic Property Group buys up second tower site on Peerless Ave in Mermaid Beach
A developer has spent millions buying a tower site on the same street in Mermaid Beach where it is building a luxury 26-level apartment complex. READ THE FULL REPORT
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BRISBANE-based developer Mosaic Property Group has added another tower site to its growing portfolio doubling its footprint on the same street in Mermaid Beach.
Property records show RL Apartments Pty Ltd, which counts Mosaic co-founder David Handley as its sole director, has paid $10.35 million for the 1417sq m site at 15-19 Peerless Ave.
The seller was West Australian developer Pindan, which recently came under the full control of listed Singaporean company Oxley Holdings.
The Peerless site is earmarked for a 28-storey tower called Mahala with 85 apartments and is on the same street where Mosaic is currently building its 26-level Bela unit tower.
Construction of Bela has reached level 15 and is due for completion by mid-2021.
Pindan appears to have done well on the sale of the 15-19 Peerless site, which it bought for $7.65 million.
Mr Handley said the site presented a “compelling opportunity” for another beachside luxury development.
“There is strong, unmet demand for premium product in Mermaid Beach, as evidenced by Bela, Mahala’s near neighbour and one of the Gold Coast’s best-selling development of recent times,” he said.
“Given the continued strong demand we are experiencing for Bela, resilience of the Gold Coast market despite the global pandemic, and the serious undersupply of premium product set to occur in the near future, we saw this as a perfect opportunity to deliver another … development to the region.”
Mr Handley said Mosaic is currently “refining” the designs for the Mahala building.
He said it is too early to say when construction will start.
Mosaic’s debut project was the 35-home boutique housing estate Elm in Ormeau in 2018.
It has since unveiled a number of additional projects on the Gold Coast, the latest of which is Grace in Burleigh Heads.
Grace is a 16-level building, with 47 apartments, planned for a 953sq m site at 4-6 Second Ave, which Mosaic bought for $6.7 million.
Work is due to start on the building this month with prices for the two and three-bedroom apartments ranging from $695,000 to $1.945 million.
It takes the value of Mosaic projects on the Gold Coast past $200 million.
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