Aniko Group secures approval for $140m Hope Island project

Aniko Group is poised to take advantage of a critical shortage of new apartments in the Hope Island area after achieving development approval for a $140 million resort-style residential precinct near the gateway to Sanctuary Cove.The Gold Coast-based company, led by seasoned property industry figure George Mastrocostas, plans to deliver to the market 210 apartments with a luxurious twist as it capitalises on demand for affordable quality residences in sought-after areas.Mr Mastrocostas said he and the team had worked collaboratively with Gold Coast City Council to reach development approval and were delighted to be progressing with their plans to bring the project to the market in coming weeks.The waterfront development builds on the success of Aniko’s latest residential offering, Three72 Marine at Labrador which sold-out within six months and well ahead of construction completion.Aniko Group has earmarked the Hope Island project for a 8,390sqm waterfront site at 1 Grant Avenue.“Just as we have done with Three72 Marine, this development will deliver a high standard of finish at a price point that will appeal to a broad range of buyers,” said Mr Mastrocostas.“The standard of finish will be what you would expect in some of the best apartment projects in Broadbeach.“We focus on strategic site acquisitions which give us a great deal of flexibility and leverage to deliver a development that doesn’t compromise on quality.“Our research also shows that lifestyle is paramount to buyers, even to investors, and this will be reflected in the resort-style amenities that will be included for residents and their guests to enjoy.”Hope Island has become increasingly popular with buyers as the northern Gold Coast precinct benefits from a burst of infrastructure spending, including the new $470 million Westfield Coomera Town Centre and the planned $400 million expansion of the Gold Coast Marine Precinct.Aniko Group acquired the Hope Island site for $4 million in December 2017.The development is just a stone’s throw from the brand new $65 million Hope Island Marketplace which opened in December last year.The proposed Hope Island development adds to Mr Mastrocostas’ impressive project portfolio, which includes the development of a purpose-built luxury car showroom on the corner of Ferry Road and Brolga Avenue at Southport.The showroom, which has been leased to ASX-listed Autosports Group Limited, is a joint venture development that has become the Gold Coast home to luxury marques Bentley and Maserati.Mr Mastrocostas has 20 years’ experience in the property industry and has created more than 1000 luxurious residences in some of south-east Queensland’s premier addresses.