$125M BURB BOOST
AN END-of-year rush of development applications is tipped – if approved – to inject up to $150m into the economy and create more than 400 jobs for Gold Coast tradies.
Leading developers taking advantage of strong sales figures in recent months are pressing the button on new projects in the hopes of breaking ground in 2021.
Aniko Group has filed plans for a giant $125m residential project at Hope Island which is set to dramatically alter the skyline of the resort suburb. The unnamed development, which will feature two eight-storey towers spread across an 8244sq m site on Sickle Ave, is one of the biggest projects put forward for the upmarket enclave.
Aniko Group boss George Mastrocostas, who is also behind the nearby $140m residential development No.1 Grant Avenue, said high sales and an influx of new Gold Coasters made fast-tracking his new project a no-brainer.
“This new project will enable us to fulfil ours and the council’s wish to create a gateway precinct to Sickle Avenue as identified in the CityPlan,” Mr Mastrocostas said.
“Based on how well the first two stages of 1 Grant Avenue have gone this year we are going to be working very closely with council to secure an approval as soon as possible and get into the market as soon as possible in the New Year.
“The sellout of the first stage of 1 Grant Avenue and the fact we are 70 per cent sold in stage two prior to completion speaks for itself in terms of the strength of the market and the high demand.”
Council planning staff have been kept busy in recent weeks dealing with the influx of projects, which have included a mega mansion at Paradise Waters, a luxury tower at Mermaid Beach, a unit complex at Hedges Avenue, and the proposed redevelopment of the Cafe Dbar site at Coolangatta.
The famous Point Danger cafe site was bought for $8m by developer Paul Gedoun, who broke ground in early December on the already sold-out $74m Flow Residences.
Mr Gedoun’s S&S Projects last week filed plans for Awaken, a 12-storey tower, on the site and will take the project to market in April, pending council approval.
The developer said he expected strong sales after Flow sold out in just three months.
“We are very fortunate to have the opportunity to look at many sites daily, but sites like this are really what we strive for in our desire to deliver high quality owner occupier residences in A-grade locations,” he said.
“We’re looking to bring some of the same elements that attracted so many buyers to Flow Residences.”