Block of 8 waterfront units in Mermaid Waters

Very rarely will you see a solid block of 8 units all on the one title come to the market. Especially one this close to the Gold Coast beaches on magnificent wide water as this.

Units 1-8/47 Duet Drive, Mermaid Waters, sits proudly up on the banks of Lake Intrepid, boasting one of the most expansive and spectacular waterfront vistas on the Gold Coast. Easy boating access out to the Broadwater and seaway with ocean access is just one of the benefits, this is a solid investment you don’t see come around often.

Can be strata titled (Subject to council approval), renovated and sold off individually for profit or could be land banked and held with economical refit to achieve great return of between approximately $450 to $475 plus per unit, per week or fully renovate each unit to create a maximum profitable premium income in this strong rental location. You also could possibly run 8 units as holiday let units (Subject to council approval) or live in one and holiday let the other out for income. There are countless possibilities to return income/profit.

Block of 8 x 2-bedroom, 1-bathroom units all with a single lock up garage. All units are a similar size of approx. 100m2 each in mostly original condition is located in a very strong rental location in the best performing waterfront suburb located less than 1.5km to Gold Coast surf beaches. So close to the beach and all major Gold Coast amenities this location is a great solid investment for the future. There is potential here to have a great business with short term holiday letting (Subject to council approval). There is a heap of potential for property improvement to make this as a attractive holiday destination for tourists and holiday makers to stay when holidaying on the Gold Coast.

All current leases (7 units at present) being long term 6 or 12 month leases with one unit occupied by the owners. The current return for the 7 units is approx. $147,500 per annum with the rental appraisal for the owner occupied unit of approx. $450 per week bringing the gross return for the full block of 8 to approx. $171,000 per annum. If the units were rented to their full rental potential in this current market you would be receiving a return of approx. $185,000 per annum. To renovate each unit to achieve premium rental return before re-letting would give a higher income with returns estimated at $200,000 plus per annum according to current rental appraisals.

Featuring:
– 1,201m2 of prime waterfront land
– 16 spacious bedrooms
– 8 bathrooms
– 8 single lock up garages
– Spectacular wide water views
– Approx. 30m of water-frontage
– Short walk to the beach

Situated a short distance back from the beach with an easy walk to Pacific Fair, light rail station, Casino, Convention Centre, Broadbeach restaurants, bars and cafe precinct. Close to schools, and public transport this location on the water is sought after by renters, homeowners and investors alike.

For further information and full property memorandum please call Simon Francis.

Potential buyers should make their own inspections and enquiries and seek their own independent legal advice before signing a contract of sale, to satisfy themselves that all details relating to the property are correct.

Property ID: 1175241