Sydney-based developer Odus has doubled down with its second project acquisition in the past year at Main Beach on the Gold Coast.
In partnership with non-bank lender Metrics Credit Partners, it has swooped on rich-lister Harry Stamoulis’s approved beachfront Ari tower development site in a $55.68-million deal.
The plan is to progress the existing greenlit plans for the $290-million scheme comprising 31 luxury half and full-floor apartments rising 21 levels from a 1355sq m site at 3555 Main Beach Parade.
Designed by architect Bayden Goddard of BGD Architects, the project also includes a suite of high-end resort-style amenities.
In a statement, Odus said it was working with Stamoulis Property Group over a four-month transition period, with an early works agreement allowing it and builder partner Nazero Constructions to finalise demolition and begin construction immediately.
A Stamoulis Property Group spokesperson said to cut ties with the site and sell the project to Odus centred on the buyer’s “strong delivery capabilities, presence on the Gold Coast, and financial backing, which positioned it to deliver on the project vision”.
Odus is led by Byron Sakha with Jarrod Younan and Sebastian Younan, who head family-owned builder Nazero Constructions.
It took control of the adjacent 751sq m La Mer tower development site at 3580 Main Beach Parade in May last year in a $12.4-million deal. The approved tower holding was purchased from Polites Property Group and QNY Group, which had spent $6.8 million securing it and subsequently gained the planning nod.
Construction of the $150-million 29-level La Mer tower designed by Plus Architecture with 25 luxury full-floor apartments began in July and completion is expected in late 2026.
Sakha said Odus’s strategic partnership with Nazero Constructions, and the backing of Metrics, provided the control, autonomy and confidence to move forward with its second Main Beach development.
“This is an absolute A-grade site, with 30m of frontage to one of the Gold Coast’s most famed beaches and in one of its most exclusive postcodes,” he said. “It’s a beautifully designed development and, while we’ll make some minor enhancements to the facade and interiors, we’ll largely progress with the existing plans.”
Demolition works have begun on site, paving the way for basement construction in coming months with completion of the tower anticipated for early 2028.
“We’ve got the builder and the financial capacity to commence work immediately and will benefit from efficiencies between the two Main Beach sites,” Sakha said. “We’re confident the market demand for both properties remains very strong. It’s a prime location and the desire for top-end beachfront apartments on the Gold Coast is extremely high, with supply low.”
The half and full-floor apartments in Ari will range from 295sq m to 620sq m, with a two-level penthouse spanning 849sqm. Prices are expected to start from $7.5 million. Its resort-style resident facilities will include a 25m pool, spa, sauna, beachfront lawn, gym, yoga studio, resident lounge, bar and multi-purpose business centre.
