An additional 821 residences will be added to Gold Coast skyline following revelations that Qld-based Aniko Group has received the green light from the Gold Coast City Council to build a $2bn mixed-use development at Mermaid Beach.

Dubbed The Landmark, the four-tower development planned for the 1.1-hectare site on the corner of the Gold Coast Highway and Seaview Avenue – opposite Pacific Fair – is expected to include residential, hotel, retail, hospitality, and commercial spaces.

It’s understood that the long-vacant site earmarked for the Landmark, acquired by the Ridong Group in 2012 for $22m, has been acquired by Aniko Group for $30m.

Aniko expects to officially launch The Landmark to the market early in 2024 with construction of the first stage earmarked for late 2025.

Designed by award-winning firm Plus Architecture, The Landmark will comprise three residential towers of 25, 30 and 40 storeys – plus an additional 53-level tower which is expected to include a mix of hotel suites and private hotel branded residences.

In addition to over 10,000 sqm of A-grade commercial office and medical space, a new casual fine dining and beverage precinct will be situated on the ground floor.

Transformational development

Aniko Group managing director George Mastrocostas expects The Landmark development to cater to a range of buyers and offer residents access to world-class amenities on an expansive one-hectare recreation podium – a short walk to everything Mermaid Beach and nearby Broadbeach have to offer.

“Residents will have access to facilities they are more likely to find in a holiday resort while hotel guests will have ready access to everything the Coast has to offer from the beach to shopping and theme parks,” Mastrocostas said.

“This will create a new must-visit location for Mermaid Beach that further enhances the existing lifestyle and dining facilities in nearby central Broadbeach.”

Other developments

The Landmark is the latest in a growing list of new developments that expect to soak up an insatiable demand for high-end Gold Coast apartments amid diminishing supply.

For example, At the northern tip of the Gold Coast, hotelier Bruce Mathieson together with Tim Gordon, CEO of Gordon Corp, have hired Multiplex to deliver a $300m super yacht marina development at The Spit.

Meanwhile, Melbourne-based developers Pelligra Group and Giannarelli Group are proposing a $480m redevelopment of nearby Mariner’s Cove, which will include a Ritz-Carlton hotel plus over 5000 sqm of restaurants and bars.

Then there’s the $500m redevelopment of Marina Mirage which is expected to include 92 waterfront residences and a 110-suite boutique hotel.

Dwindling supply

A rebound in sales in the September quarter – on the back of a flight-to-quality by cashed-up buyers – saw sales more than double the previous quarter (June). As a result, 1,770 apartments remained unsold at the end of September – 82% of which are in Surfers Paradise, Main Beach and Broadbeach.

Analysis of recent off-the-plan apartment sales by Gold Coast project marketing firm Total Property Group found 80% of buyers were paying entirely in cash for the larger owner-occupier stock that is dominating the market.

But despite the pipeline of new projects, Urbis director Paul Riga suspects the threat of [short-term] supply issues – accentuated by an uptick in foreign buying and an unprecedented surge in immigrant numbers – could result in FOMO buying.

Image: Artist’s impression of the $2bn multi-tower mixed-use development, The Landmark, opposite Pacific Fair Shopping Centre at Mermaid Beach which is expected to officially launch early in 2024.