Investors Drive $60m Sales Blitz on Aniko’s $2.5bn The Landmark

Gold Coast developer Aniko has banked $60 million in sales in one month on the second stage of its $2.5-billion The Landmark precinct at Mermaid Beach. 

Aniko founder George Mastrocostas said investors accounted for more than half of the recorded buyers, underscoring a move in the market on the Glitter Strip. 

“Delivery capability is increasingly separating projects that proceed from those that stall,” Mastrocostas said.

“In this market, buyers are looking for certainty. They want to see cranes in the sky and construction well advanced before committing.”

The project has been progressing despite industry headwinds that have delayed or reshaped many large-scale developments.

Mastrocostas said the January result reflected buyers becoming more selective about where they committed capital.

Investors accounted for more than half of buyers, while owner-occupiers represented about 40 per cent. The remaining 10 per cent were purchasers intending to use the apartments as private lock-and-leave holiday residences, particularly among buyers from Brisbane.

Demand was led by the local market, with approximately 60 per cent of purchasers coming from Brisbane and the Gold Coast.

A further 30 per cent were split between Sydney and Melbourne buyers, while the remaining 10 per cent came from other parts of Australia and international markets.

▲ George Mastrocostas has called the Gold Coast home for more than two decades and wants to leave a legacy on the Glitter Strip.

The sales were for two- and three-bedroom apartments priced from mid-$1 million to $3 million. More than a quarter of the second stage inventory has been sold, Mastrocostas said. 

“Larger floorplans have been particularly sought after,” he said.

“Buyers want space, liveability and permanence. That’s a noticeable shift from prior cycles.”

Unlike many projects still navigating planning or funding hurdles, The Landmark is already under construction through Aniko’s in-house building arm, Aniko Constructions, which Mastrocostas said was providing certainty for buyers. 

The developer has settled more than 600 apartments across its portfolio in the past four years without invoking sunset clauses or renegotiating purchase prices.

The Landmark precinct comprises three residential towers, office and medical space, a retail and dining precinct and a luxury hotel and branded residences in a 53-storey fourth tower on the 1.13ha site on the corner of the Gold Coast Highway and Seaview Avenue.