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Hope springs eternal

Hope springs eternal

PRESS: WEEKEND AUSTRALIAN ARTICLE

Golfing, boating and shopping facilities make this Gold Coast enclave a winner with retirees and investors alike.

The golfing and boating mecca of Hope Island, the aspirational and prestigious integrated north Gold Coast resort, is undergoing a renaissance, underpinned by billions of dollars’ worth of luxury residential developments and major infrastructure projects.

An estimated $1.3 billion in residential developments is under way in the area, as well as $4.3bn worth of infrastructure, putting Hope Island at the centre of one of Australia’s hottest growth corridors, according to a report by property consultants Urbis.

Developer George Mastrocostas, 39, represents Hope Island’s next generation as his company, Aniko Group, works its way through a project pipeline of $1bn, spread throughout the Gold Coast. When he was in his late 20s Mastrocostas was all too aware of Hope Island being dubbed “a basket case” that was “best to be avoided and forgotten about”. Eventually he saw it as a sleeper suburb with potential, aggressively negotiating on three super lots in 2015 and taking a gamble that the long-awaited Hope Island Town Centre would be delivered.

“I’m surprised how many people want to upsize their lifestyle and downsize their house,” says Mastrocostas, having sold about 60 per cent of the 210 apartments in stage one. “We’re seeing plenty of buyers selling out of their multi-million dollar mansions and buying in No 1 Grant Avenue.

“A project like this right in the heart of Hope Island would normally not be accessible to these buyers without sacrificing design, quality and amenity.”

Excerpt only. Continue reading at Weekend Australian

Originally published by Weekend Australian
Article by Michelle Singer, March 14, 2020

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