Aniko Group granted development approval for a $140 million resort-style apartment development on Hope Island

A Gold Coast-based developer hope to fill the luxury apartment void with a new residential precinct on Hope Island.

A GOLD Coast-based developer 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.

Aniko Group, 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.

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Mr Mastrocostas said he and the team had worked collaboratively with Gold Coast City Council to reach development approval and will work on bringing the project to the market in coming weeks.

He sauid 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.

“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,” Mr Mastrocostas said.

“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 8390sq m Hope Island site a 1 Grant Ave 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’ project portfolio, which includes the development of a purpose-built luxury car showroom on the corner of Ferry Rd and Brolga Ave 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.