Millionaires Row: Construction industry veteran Mick Power spends record $15.5m on Hedges Ave property

Construction industry veteran Mick Power and wife Denise will be heading to Mermaid Beach’s ‘millionaires row’ – after breaking the record for biggest spend on the street.

CONSTRUCTION industry veteran Mick Power and wife Denise will be heading to Mermaid Beach’s ‘millionaires row’ after spending a record-breaking $15.5 million on land for a new home.

The purchase was settled on the day it was announced the couple had sold a beachfront Surfers Paradise development site for $30 million in July.

They have bought 97 Hedges Ave from Bridget Deer, wife of Ignite Travel founder Randall Deer.

95 and 97 Hedges Ave Mermaid Beach. They are going to be demolished to make way for a new mansion owned by construction industry veteran Mick Power and wife Denise. Pic Mike Batterham

The adjoining 405 sqm lots were bought two years ago for $10.4 million, the titles merged, the older homes linked, and a residence created.

The Power buy, at more than $19,000 per sqm, sets a beachfront record for Mermaid Beach.

Mr Power said he and his wife would build a family home on their north-facing site, on the corner of Williams St.

Mr Power, 71, said the decision to head to Mermaid Beach came during marketing of their 1500 sqm Garfield Tce site.

“We’re 15 months away from moving forward with the house project,” he said.

“We decided that the Northcliffe Tce-Garfield Tce area was going to become too high-rise orientated.”

The founder of the 42-year-old BDM group said he enlisted property agency principal Michael Kollosche and colleague Ryan Ward to find a north-facing Hedges Ave site.

“The Deer one was the one we liked, even though it wasn’t on the market.”

Mr Kollosche said the Power purchase set a record for a double block in Hedges Ave, eclipsing the $15 million paid by developer Mike Moorhead in 2006.

“The $19,135 a square metre also is an all-out record for the Mermaid beachfront.

“The Deers received an unsolicited offer and they were very happy with the price.”

The Powers are the major sponsors of the BMD Northcliffe Surf Club, where their grandchildren are nippers.

“We still have a great connection and affinity for the surf club and we’ll still be backing them.

“It’ll be easy enough to hop on the light rail and head down there,” Mr Power said.

The biggest sale of 2021 in Hedges Ave has been the $15.75 million purchase by a Computershare founder, Chris Morris, of the five-bedroom home on a 564 sqm lot at No. 159.