Mastracostas spends up on Hope Is

DEVELOPER George Mastrocostas has shown his faith in the future of Hope Island by spending close to $15 million on four waterfront residential sites.

The holdings, which total 3.314ha, are a stone’s throw from the island’s town centre, Marketplace, which is under construction. Mr Mastrocostas, who has set up a new de- velopment group as his role in apartment tower builder Emandar is wound down, said he viewed Hope Island as having the most potential of any area on the Gold Coast.

Mr Mastrocostas said he had yet to finalise plans for his sites but believed they could house 800 or so townhouses and villas. Ray White Commercial’s Brad Merkur handled the deals.

Mr Mastrocostas has bought 8244sq m at 6-8 Sickle Ave from Australian Property Net, linked to Greg Woods, for $3.5 million. The Woods company also has sold Mr Mastrocostas a $4 million site spanning 8390sq m at 1 Grant Ave. Mr Mastrocostas has bought 31 Grant Ave, a 8254sqm property, from developer Tom Van Asperen’s Baycrown for $3.5 million. A 8253sq m site at 35 Grant Ave was bought for $3.5 million.