/Penthouse in Mermaid Beach’s Mahala tower sells for more than $2 million

Penthouse in Mermaid Beach’s Mahala tower sells for more than $2 million

One of the penthouses in Mermaid Beach’s Mahala apartment project has sold.

ONE of the two luxury penthouses that will top the Mahala tower on Mermaid Beach’s Millionaires’ Row has sold.

A Brisbane-based buyer snapped up the four-bedroom skyhome for more than $2.6 million.

Colliers International residential director Andrew Roubicek, who is selling the 25 level development, said the sale showed buyers were willing to pay a premium price for the right apartment.

“It’s interesting to note the majority of recent inquiry and sales in Mahala have been to Gold Coast and Brisbane purchasers, which demonstrates locals are seeing the value and potential upside of reinvesting in their own backyard,” he said. “Location is always first on the checklist and the more discerning buyers are focused on how the building is designed to maximise its location and its orientation to best capture views in all directions.”

There is now only one penthouse in the project left on the market.

He said offering a point of difference was important at the top end of the market.

“Million- (dollar)-plus purchasers are buying a lifestyle so projects like Mahala, which offer additional amenities like two car bays per apartment, a wet edge pool, lounge and a private dining room, surfboard storage and a secure room for online deliveries, attract the right attention,” he said.

“Of course, the quality of the apartments is paramount and astute buyers are inspecting finishes and inclusions in each apartment in fine detail.”

The Peerless Ave project, which is being developed by Western Australian property group Pindan, will have 94 two, three and four bedroom apartments.

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Pindan director of development management Nick Allingame said all residences in Mahala will be finished to a high standard. “While the penthouses are the jewel in the crown, Mahala residences will have a high level of finish throughout, including natural stone and porcelain in the kitchen and bathroom and above standard inclusions such as freestanding bathtubs, double vanities and butler’s pantries in some apartments,” he said.

Two bedroom apartments start from $595,000, while three bedroom apartments are available from $1.385 million. The last four bedroom penthouse is priced at $2.7 million.