Gold Coast development: Hirsch and Faigen’s plan for second Mermaid Beach tower

Melbourne developer Hirsch and Faigen is stepping up its foray into a bubbling Gold Coast market with plans for a second apartment tower.

MELBOURNE developer Hirsch and Faigen is stepping up its foray into a bubbling Gold Coast market with plans for a second apartment tower, this one at Mermaid Beach.

The developer has bought a 1904sq m site in Mermaid Ave and plans a luxury 24-floor building with 130 apartments.

Developer Hirsch & Faigen's Mermaid Beach site. Picture: Supplier.

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The move comes on the heels of the Hirsch and Faigen last weekend putting apartments in its debut Gold Coast project, the 14-level The Hemingway at Palm Beach, on the market.

That building, like the planned Mermaid Beach one, is being designed by Melbourne-founded architectural firm Rothelowman and a development application is to be lodged within weeks.

Developer Hirsch & Faigen's Mermaid Beach site. Picture: Supplied.

The price Hirch and Faigen is paying for the 7-9 Mermaid Ave site has not been disclosed but it was marketed by Simon Francis and Tania Pears, of John Henderson The Professionals, at $11 million-plus.

Hirsch and Faigen director Richard Hirsch said Mermaid Beach was one of Australia’s most aspirational beachside addresses.

“We believe in creating unique and sophisticated living spaces with an uncompromising commitment to design, sustainability, usability and standard of delivery.

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“Our vision for the Mermaid Beach site will not waiver from this approach, blending with its pristine surrounds and enhancing the lives and wellbeing of its residents.”

The Hirsch and Faigen site looks across the Diamond Beach low-rise holiday resort to the ocean and has another Rothelowman-designed tower, the Mosaic group’s sellout Bela, on its southern side.

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The seller of the Mermaid Ave property, home to the Myana and Leemar Court low-rises, was company Jian Tai, which bought it for $4.72 million in 2015.

Hirsch and Faigen is a private company and a partnership between the Hirsch family, which has petroleum, horse racing and wine interests, and property lawyer/developer Daniel Faigen.

It has a number of property interests in Queensland and has completed projects worth more than $1 billion in the past decade.

The company last year bought a site overlooking the ocean at Kirra but has yet to reveal its plans for the land.