Cafe D-Bah to go in $150 million new development wave

 

AN end-of-year rush of development applications is tipped to inject up to $150 million into the economy and create more than 400 jobs for Gold Coast tradies.

Leading developers taking advantage of strong sales figures in recent months are pressing the button on new projects in the hopes of breaking ground in 2021.

Aniko Group, one of the city's most influential developers has now filed plans for a giant $125 million residential project at Hope Island which is set to dramatically alter the skyline of the resort suburb.

The unnamed development, which will feature two eight-storey towers spread across an 8244 sqm site on Sickle Ave, is one of the biggest projects put forward for the up-market enclave.

Aniko Group boss George Mastrocostas, who is also behind the nearby $140 million residential development No. 1 Grant Ave, said high sales and an influx of new Gold Coasters made fast-tracking his new project a no-brainer.

Artist impression of a new eight-storey resort and residential unit project planned for Hope Island by Aniko Group. Picture: Supplied
Artist impression of a new eight-storey resort and residential unit project planned for Hope Island by Aniko Group. Picture: Supplied


"This new project will enable us to fulfil ours and the council's wish to create a gateway precinct to Sickle Ave as identified in the City Plan," he said.

"Based on how well the first two stages of 1 Grant Ave have gone this year we are going to be working very closely with council to secure an approval as soon as possible and get into the market as soon as possible in the New Year.

"The sellout of the first stage of No. 1 Grant Ave and the fact we are 70 per cent sold in stage two prior to completion speaks for itself in terms of the strength of the market and the high demand for very competitively priced luxury apartments at Hope Island."

Council planning staff have been kept busy in recent weeks dealing with the influx of projects, which have included a new mega mansion at Paradise Waters, a luxury tower at Mermaid Beach and a unit complex at Hedges Ave.

GOLD COAST DEVELOPMENT SPECIAL SERIES

PART ONE: GOLD COAST'S 10 BIGGEST PROJECTS UNDER CONSTRUCTION

PART TWO: GOLD COAST'S 10 BIGGEST PROJECTS YET TO START

PART THREE: GOLD COAST'S 10 MOST CONTROVERSIAL DEVELOPMENTS

George Mastrocostas from Aniko Group which is planning a $125 million residential project at Hope Island. Picture: Supplied
George Mastrocostas from Aniko Group which is planning a $125 million residential project at Hope Island. Picture: Supplied

Among the other projects which have been filed immediately before Christmas is the multimillion-dollar proposed redevelopment of the Cafe D-Bah site at Coolangatta on the NSW border.

The famous Point Danger cafe site was bought for $8 million by developer Paul Gedoun who broke ground in early December on the already sold-out $74 million Flow Residences.

Mr Gedoun's S & S Projects last week filed plans for Awaken, a 12-storey tower, on the site and will take the project to market in April, pending council approval.

The developer said he expected strong sales after Flow sold out in just three months.

"We are very fortunate to have the opportunity to look at many sites daily but sites like this are really what we strive for in our desire to deliver high quality owner occupier residences in A-grade locations," he said.

"We're looking to bring some of the same elements that attracted so many buyers to Flow Residences into this new project, all with an eye on relaxed coastal living which is what the southern Gold Coast beaches are all about."

Originally published as Cafe D-Bah to go in $150 million new development wave


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