Gold Coast-based Aniko Group has received development approval for its $140 million “resort-style” residential precinct in Hope Island.
Aniko Group, led by George Mastrocostas, plans to deliver 210 apartments for the 1 Grant Avenue address, which spans an 8,390sq m waterfront site.
The developer reached a compromise over original plans for the apartment project after taking Gold Coast City Council to court.
Mastrocostas said his team worked collaboratively with Gold Coast City Council to achieve development approval, with plans for the project to capitalise on demand for affordable residences in “sought-after areas”.
Aniko Group acquired the Hope Island site for $4 million in December 2017.
Mastrocostas says Hope Island has become popular with buyers as the northern Gold Coast region benefits from infrastructure spending, including the $470 million Westfield Coomera Town Centre and the planned $400 million expansion of the Gold Coast Marine Precinct.
“The development is just a stone’s throw from the brand new $65 million Hope Island Marketplace which opened in December last year,” he said.
The Hope Island development follows Aniko’s latest residential project, a $55 million 14-level tower at 372-374 Marine Parade Labrador, Three72 Marine.
Aniko Group also lodged a development application with the Ipswich City Council late last year for a 229-lot residential community spanning a 24.6ha site in the Ripley Valley Priority Development Area.