Stalled Elegance, Mermaid Beach apartment development site listed

A 3,873sqm Mermaid Beach development site with approval for dual residential towers has been listed through CBRE.

The site has approval for two multi-storey residential towers of 47 and 49 levels.

It was known as the Elegance project when marketed by Hubei United Investment Group, a state-owned Chinese company.

There had been 120 sales when the marketing ceased in 2019.

Located on the border of Broadbeach and Mermaid Beach on the Gold Coast, there are 522 apartments across two buildings.

The West tower includes 311 one, two, and three-bedroom apartments.

The East tower has 210 two-bed apartments.

Located at 2605 Gold Coast Highway, the site benefits from frontages to Mermaid Avenue.

CBRE’s Mark Witheriff, Daniel Doran and John Nucifora are taking offers until October 28.

The site sold for $34.1 million in 2016.

The approval was granted in October 2016 which expires in October 2024.