New apartment block on Peerless Ave at Mermaid Beach will be the first in five years

MERMAID Beach is set to get its first new apartment building on the beach side of the highway in five years.

Dankav general manager Mark Casey with Andre Sharples and Perry Brosnan at the site of Mermaid Beach's first bea...

MERMAID Beach is set to get its first new apartment building on the beach side of the highway in five years.

No apartments have been constructed since the GFC in 2008 but that is about to change when Pacific on Peerless, a four-level building at 46-48 Peerless Ave, is completed next year.

Miami-based Dankav Development, which is behind the project, had concentrated on the disaster management and commercial property sides of its business but feels it's the right time to re-enter the residential development sector.

Director Daniel Veitch said prior to the GFC the company had been prolific home builders in the area.

The last project it finished was a house at 10 Albatross Ave in 2007.

"The reason we've come back is we thought the timing was right because of the city council's support for development through its Kickstart program," he said.

"We also feel the market is gaining confidence again."

The building will have 15 one-bedroom apartments and is targeted at the mid-range market with apartments priced between $329,000 and $540,000.

The building will feature five apartments per floor as well as a communal swimming pool, landscaped gardens and distinctive balconies with powder-coated aluminium columns and plant trellises.

Four of the top-level apartments have the use of roof top terraces.

Dankav has constructed apartment buildings in Brisbane and North Queensland but this will be its first on the Gold Coast.

John Henderson Professionals Mermaid Beach sales agents Andre Sharples and Perry Brosnan are marketing the project.

Mr Brosnan said the building would appeal to retirees, young professionals and people wanting a weekender.

Construction began two months' ago with the basement nearing completion.

Mr Veitch said he expected the shell to be finished by Christmas and the building ready for its first occupants by July next year.

The site was previously occupied by two houses. The two 450sq m blocks were purchased by Laguna Pacific, a company linked to Dankev Development, for $2 million in 2007.

Mr Veitch said marketing had begun for the apartments but pre-sales were not needed to finance the project.