An artists impression of 1 Grant Avenue, the development proposed at Hope Island by George Mastrocostas's Aniko Group. Photo: Supplied
An artists impression of 1 Grant Avenue, the development proposed at Hope Island by George Mastrocostas's Aniko Group. Photo: Supplied

$140 million development could be dumped

DEVELOPER George Mastrocostas is ready to launch a $140 million residential project at Hope Island, hot on the heels of his sellout Three72 Marine development at Labrador.

His Aniko Group's waterfront 1 Grant Ave, if approved by the Gold Coast City Council, would incorporate 240 apartments in two buildings on the 8390sq m site.

However, not everyone is happy with the plan, which has had 56 submissions from the public opposing it.

The council is set to publish a decision on the project today, but its media department could not tell the Gold Coast Bulletin what the decision was.

George Mastrocostas at his development at 372 Marine Parade in Labrador on the Gold Coast. Photo: Tertius Pickard
George Mastrocostas at his development at 372 Marine Parade in Labrador on the Gold Coast. Photo: Tertius Pickard

Mr Mastrocostas said the project would satisfy market demand.

"We've had a hugely successful run with our projects this past year and we're looking forward to building on that in 2019," he said.

"New apartment supplies are very constrained in what is a highly sought after residential precinct at Hope Island, and we are eager to get into the market as soon as possible."

The company lodged its plans with Gold Coast City Council in April as a major change to a 96-unit development lodged for the site in 2008 and subsequently approved.

Initially, the new development included 266 units with 577 bedrooms in two buildings between eight and 10 storeys up to 33.8m high at its highest point.

A map of 1 Grant Ave Hope Island, where the development is planned. Photo: Google
A map of 1 Grant Ave Hope Island, where the development is planned. Photo: Google

After consulting with the council, the developer reduced the density to 240 apartments with 528 bedrooms, and the height to a maximum of 26m, saying that meant it was no longer a major change to the approved plan.

While a major change would be impact assessable and subject to public consultation, a minor change would be code assessable, which means the public would not need to be consulted.

Regardless, locals in neighbouring North View St and at the nearby Halcyon Vision retirement community have made multiple submissions opposing the development, which they said would have serious negative impacts on existing residents in the area.

They rejected the developer's claim the higher density of the proposal would be offset by the "underdevelopment" of other sites in the suburb.

Mr Mastrocostas said there was demand for apartments, particularly in the northern suburbs.

"We worked with the council and modified the proposal, which made it a code assessable proposal," he said.

"It is consistent with the town plan."

Aniko Group's $55 million Three72 Marine sold out in less than six months and is due for completion next year.

"While the Gold Coast apartment market is holding up well, buyers are increasingly becoming more sophisticated in terms of what they want," he said.

"We plan to deliver a quality of finish and lifestyle amenity that would more likely be found in areas such as Broadbeach, and all this at a price that will appeal to a broader cross-section of the market.

"We believe this project is coming to the market at just the right time."