Aniko defies Gold Coast doldrums with fresh $1bn project
Aniko Group has swooped on a fresh site at Mermaid Beach, with the prolific Gold Coast developer unveiling plans for a $1bn landmark project billed as the southern gateway to Broadbeach and Surfers Paradise.
The vacant 1.13ha site adjacent to Pacific Fair is one of the largest landholdings on the Gold Coast Highway corridor, where Aniko will develop a major mixed-use lifestyle precinct including apartments, hotels, waterfront dining and offices.
Singaporean company Ho Bee acquired the 1.13ha site for $22m in a series of deals in 2012 and sold it for about $30m. The latest sale was negotiated by CBRE’ s Mark Witheriff and Colliers’ Brendan Hogan. The Singapore group will now focus on land subdivisions.
Aniko’s move comes in the face of rising interest rates and slower apartment sales, which have seen some developers quietly shop their sites amid concerns that fewer projects will get off the ground as construction costs soar.
The sector was rocked by the collapses of builders Condev and Pivotal, and Melbourne-based developer Central Equity in July dumped plans for the $500m 56-storey luxury Pacific One tower in Surfers Paradise.
The property is also close to the Broadbeach South light rail station and bus interchange, giving Aniko the chance to create a resort-style experience in a top Gold Coast precinct.
Aniko’s scheme is for four residential towers of 25, 30, 40 and 45 storeys that will comprise about 1000 apartments. The master plan includes a heavy focus on having resort-style amenity.
The ground floor will have a waterfront fine-dining precinct and more than 5000sq m of offices.
“We have developed a scheme that includes an activated ground-floor waterfront fine dining precinct that will elevate our resident and visitor experience,” Aniko managing director George Mastrocostas said.
“Stepping up off the ground into commercial offices provides a supply of new office space that the area has been seeking.
“Capping off the scheme is a residential offering harnessing the incredible sight lines across iconic beaches into the open ocean and the hinterland, while residents and visitors will be just a short stroll from an array of Gold Coast beaches.”
Aniko expects to lodge a development application in the coming months.
“Mermaid Beach has become the Gold Coast’s most dynamic beachside suburb, and this development will create a new beating heart for the area,” Mr Mastrocostas said.
Plus Architecture is designing the masterplanned development.