George Mastrocostas sells out Three72 Marine project at Labrador on the Gold Coast

A STRICT focus on local buyers looking for affordable units has paid off for George Mastrocostas, who has sold out his $55 million Three72 Marine project.

A STRICT focus on local buyers looking for affordable units has paid off for George Mastrocostas, who has sold out his $55 million Three72 Marine project, more than five months ahead of completion.

Mr Mastrocostas’ Aniko Group is building the 14-level tower at 372-374 Marine Pde, Labrador, with construction on track to finish by May next year.

The building is sandwiched between the Coast Broadwater project and Labrador Senior Citizens Centre with Harley Park and the Broadwater to the front and a cricket and AFL field to the rear.

The Three72 Marine development has been a highly successful venture for Mr Mastrocostas.

The most Urbis report notes that close to one-in-three off-the-plan units sales for the September quarter were from the Aniko Group project.

Artist impression of the Three72 Marine project on Marine Parade, Labrador.

Mr Mastrocostas said his company had tried to focus on amenity as much as possible.

The building will come with a range of features including a pool and gym adjacent to a glass-walled children’s play area, so mum and dad can keep watch on their children while working up a sweat.

In addition there will also be a pet-wash station, library and outdoor cinema.

Mr Mastrocostas said there was strong underlying demand for apartments at the lower-end of the market on the Gold Coast.

“A lot of people say affordable luxury today,” he said.

“But when you think the average square metre rate of this development is just under $4000 a square metre, that is pretty good buying, especially when you think of what land costs today, and add on the build costs and all the other expenses.”

Artist impression of the Three72 Marine project on Marine Parade, Labrador.

Sale prices for the units ranged between $349,000 for a one-bedroom plus study apartment to $648,000 for three bedrooms with sizes ranging from 63sq to 138q m.

Mr Mastrocostas said the local market had embraced the project.

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“We have targeted the local market. Ninety-five per cent of our buyers are Australian residents. Of that, almost a third comes from southeast Queensland and the balance is from NSW and Victoria. Just five per cent are offshore buyers.”

He said the project compared well to Heron Group’s Coast Broadwater development next door.

George Mastrocostas pictured at his new development at 372 Marine Parade, Labrador. Photo: Tertius Pickard

“It is a wonderful product next door that Heron has developed, and obviously we follow that closely. We knew the price points (before we started),” he said.

“We are actually considerably cheaper over here, which is great. We have a mixture of product from a small one-bedroom plus study all the way up to the larger three-bedroom units. We focus largely on amenity.”

He said the idea to have a glass wall between the children’s play area and gym had come from a focus group.

“We had a lot of people comment that they like to work out but want to keep an eye on the kids,” he said.

The Three72 Marine tower development will feature an outdoor cinema as shown in a model here. Photo: Tertius Pickard

“This way mum and dad can work out and the children can play and the parents have a continuous line of sight.”

The Three72 Marine project is Mr Mastrocostas’ first under the Aniko name.

It came in the wake of his partnership in the Emandar group winding down.

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

Approval was subsequently lifted to 108 units.

Mr Mastrocostas was also involved in the development of a $25 million Maserati and Bentley showroom at Southport.