Bruce Mathieson and Tim Gordon’s transformative marina an image change for the Gold Coast
A chat over a beer brought pubs king Bruce Mathieson into a partnership with Gold Coast developer Tim Gordon to deliver the $300m apartment and marina complex at The Spit.
Billionaire pub boss Bruce Mathieson says the luxury project he is delivering on the Gold Coast will transform the city’s tightly-held The Spit.
The $300m Mantaray Residences and Superyacht Marina will be the first project in two decades to be delivered at the southern end of The Spit, near Main Beach, in collaboration with local developer Tim Gordon.
“Tim and I will reposition The Spit forever,” Mr Mathieson toldThe Weekend Australian, talking for the first time about the exclusive project.
“The fact that The Mantaray Marina and Residences is the first and only residential-only development on The Spit sets it apart.”
The somewhat surprising partnership has been a long time coming for the pair, who have passed in the same business and social circles for years.
Mr Gordon, chief executive of Gordon Corp, said it was a coming together of two “chips and beer men” to deliver luxury.
“If you really want the truth, it comes through having a Carlton Draught occasionally down at the Mermaid Beach Surf Club,” Mr Gordon said.
“We were talking about the high end and The Spit … I showed him the project, and he just looked at me, shook my hand and said ‘I’m in’.”
The mixed-use project will deliver a range of 24 two to four-bedroom residences, which will be complemented by a 67-berth marina, resort facilities and The Mantaray Club – an exclusive members-only on-water lounge.
“The exclusivity comes from valuing quality over quantity,” Mr Mathieson said.
“The Spit’s waterfront is an asset in itself, and this opportunity is never to be repeated.
“Tim and I share a deep appreciation for unique opportunities, we were drawn to the project’s potential and the government’s redevelopment plan.”
Retail will feature on the ground floor and management rights will be retained by the Mantaray team.
It will be connected by a boardwalk between the other projects approved for the site, and total development in the area is approaching $1.5bn. Other projects include the Ritz Carlton hotel and an overdue overhaul of the Mirage Marina shopping centre by Makris Group.
Two twin apartments in a boutique complex sold for $12m to family members ahead of the project’s official launch at the Sydney Boat Show last month. Ten homes in total have now been snapped up, including one by Mr Gordon.
Prices start at $4.1m, moving upwards to $11.1m for the roof terrace residences and $14.4m for the penthouse collection.
Project buyers will have first pick of the marina berths and have access to the floating lounge. Mr Gordon said his building credentials were complemented by Mr Mathieson’s long history in the pub and club game.
“The Mathieson family know all the top-end food and beverage guys,” he said
“That’s why Bruce and I have decided that we'll keep the management rights to the marina and retail and run the Mantaray Floating Club.
“We’re going to bring in those really complementary brands that Bruce has a wonderful relationship with, which will complement the high-end retail and restaurants nearby.”
Marina berths are on the market and will be operational from mid 2025 – six months ahead of the apartments being completed. Construction begins in September.
The emerging development at The Spit is expected to create a “coming of age” for the region and help mould the image of the Gold Coast from one of glitter and meter maids to an international destination for the ultra-rich.
Mr Gordon said the state government's masterplan for the area alongside support from the Gold Coast City Council, has helped give certainty to the region.
“(The masterplan) shows the significance and the support for the area … that gives people confidence, a surety of where the precincts are what can and can’t be developed on The Spit,” he said.