Former Raptis partner George Mastrocostas releases new Labrador tower project Three 72

THE next Gold Coast tower development hopes to make beachfront living within reach of more buyers. Here’s how.

George Mastrocostas is developing a new tower at Labrador called Three 72. Picture: Supplied

DEVELOPER George Mastrocostas is setting out to redefine his career, starting with a tower intended to put everyone from first-home buyers to retirees within reach of a life overlooking the Broadwater.

Mr Mastrocostas is going solo, under the Aniko name, in the wake of his partnership in the Emandar group winding down.

Aniko is poised to start construction of a 14-level project, Three 72, at Labrador.

The 108 apartments in the tower, at 372-374 Marine Pde, will come in configurations of from one bedroom through to three bedrooms and a study and will start at $344,000 and peak at $649,000.

“Something that will cost $400,000 at Three 72 might cost $800,000 at Broadbeach,” Mr Mastrcostas yesterday said.

“That’s a big difference for the sake of a 15-minute drive.”

Mr Mastrocostas has started Aniko as he and Emandar group partner Evan Raptis are on the verge of finishing their final project, the sold-out three-tower, 374-apartment South Lakes at Varsity Lakes.

George Mastrocostas is developing a new tower at Labrador called Three 72. Picture: Supplied

Mr Mastrocostas said the chance to start a new career had refired his property passion.

“I want to develop projects that are a step on from Emandar — projects that include things that really will make a difference to the lives of people.

“I also want to bring price points down and make apartments such as those in Three 72 accessible to everyone.”

The developer said Three 72 would benefit from his Emandar learning curve and from his desire to give his ventures a community feel.

That feel would come from the inclusion, in addition to a pool and gymnasium, of things such as a library, Zen garden, pet-wash station, and outdoor cinema.

Three 72, designed by Aniko in tandem with the Archidiom group, will have a glassed lobby and a glassed residents’ lounge on a mezzanine floor that will have views of both the Broadwater and a park on the western side of the tower.

The apartments will range from 70 sqm for a one-bedroom unit on level three to 160 sqm for a three-bedroom apartment with a study on the top floor.

Three 72 will have three basement levels, with all apartments having either one of two car parks.

The 1576 sqm site, bought for $3.85 million, came with approval for 55 apartments.

Mr Mastrocostas subsequently has had the approval lifted to 108 units.