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DEVELOPER Aniko Group is gearing up for its first foray into Chevron Island after receiving DA approval for a $110 million residential tower.

Gold Coast City Council has given the green light for the 21-storey tower, which will have 102 apartments, including two and three-bedroom offerings, and rise from a 1,518 sqm site at 12-16 Weemala Street.

Aniko, led by George Mastrocostas, lodged an application for the project in May, which will become its first project beyond Hope Island since it developed the Three72 Marine project overlooking the Broadwater at Labrador in 2019. On Hope Island, Aniko is constructing the $125 million Athena Residences, where it sold the entirety of its 185 waterfront apartments in three months.

Mastrocostas said the new Chevron Island offering will be competitively priced against other off-the-plan stock in the area. Residences will be priced from $795,000.

Positioned in the south-east pocket of Chevron Island, the project will be a stone’s throw from the suburb’s dining and retail strip and the emerging cultural precinct at HOTA, and a short walk to Surfers Paradise and the beach.

“This pocket of the Gold Coast has a unique character that you can’t replicate elsewhere – its exclusive, its vibrant and its quickly becoming one of the most sought-after residential enclaves on the coast,” Mastrocostas said.

Mastrocostas expects the development to appeal to discerning owner occupiers and long-term investors.

“This project will cater to a broad market of buyers, from the interstate migrants to local downsizers or luxury upgrader, its idyllic layout makes it the ultimate location for households
both big and small.”

Earlier this year, Gold Coast apartment supply fell to just 411 – the lowest on record, according to Urbis – and while new developments being released to the market lifted the figure to 875 in June quarter, this still represents only five and a half months of supply, Colliers and Urbis estimate.

South east Queensland firm, Plus Architecture has been engaged to design the Chevron Island project.

“We’ve worked closely with Aniko Group to evolve a design that is both sophisticated and functional and capturing the true essence of the distinct village atmosphere of Chevron Island,” said Plus Architecture director, Danny Juric.

Construction of the tower is scheduled to commence mid-2023.

Continue reading at Australian Property Journal

Published by Australian Property Journal
OCTOBER 26, 2022