Aniko buys Gold Coast block for $1b project

HB Land’s scheme (also pictured, below) included four apartment towers.

George Mastrocostas’ Aniko Group has snapped up a Mermaid Beach development site with plans for a multi-tower, residential based mixed use village.

On the banks of the Nerang River, opposite Pacific Fair, the 1.134 hectare Gold Coast Highway parcel is costing c$30 million.

The Mermaid Beach development carries a c$1 billion end value.

Vendor, Singapore listed HB (or Ho Bee) Land, outlaid $22m in 2012; it also developed the scheme similar to what Aniko, which is Gold Coast based, is planning.

CBRE’s Mark Witheriff and Daniel Doran with Colliers’ Brendan Hogan and Adam Rubie were the agents.

Mermaid Beach is six kilometres south of Surfers Paradise.

$1b village planned

Comprising 16 lots, also with frontage to Pacific Fair Drive – an access point to the shopping centre – and Seaview Avenue, the agents marketed the property as a lifestyle precinct master-plan site.

Aniko is intending a hotel and dining precinct plus c5000 square metres of A-grade office space.

About 1000 dwellings will be contained, mostly within four towers, designed to rise 25, 30, 40 and 45 floors.

Melbourne based Plus is the architect.

“A site of this scale would normally take years to amalgamate, but we are now ready to go with a development that will create a vibrant new coastal community and leave a legacy that we believe will stand the test of time,” Mr Mastrocostas said (story continues below).

Artist’s impression of HB Land’s Mermaid Beach proposal.

Earlier this week we reported a developer outlaid $45m for an ex-timeshare complex at Broadbeach – between Mermaid Avenue and Surfers Paradise.

On 2070 square metres, that block was marketed for its potential to make way for two c30 level towers.

HB to focus on land

AMP, Cbus Property and UniSuper recently acquired Pacific Fair.

HB listed the asset to focus on its Australian land estates.

In Queensland, this includes two sites acquired in mid-2020, at Ripley Valley, south west of Brisbane, where 570 dwellings are planned, and Bli Bli, near Maroochydore, which came permit-ready for a 95-lot subdivision.

The group also holds low density housing blocks at Park Ridge, about 30km from Ripley Valley, and Gympie, 70km north west of Bli Bli.

HB made a major investment in Melbourne last November picking up the 68.4ha Aitken Hill conference centre at Craigieburn for a speculated $142m.

Not long earlier the developer paid the Deague family $80m for four ex-farms in the neighbouring Mickleham – all up 45.6ha – with plans for a 609-lot subdivision.

Elsewhere in the Victorian capital, the company is planning low density estates at Tarneit (with c755 plots) and Officer (c119).

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of