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Media | Rich Lister’s Gold Coast project woos Sydneysiders at $17.5m a pop

This article was originally published in www.afr.com/property written by Nick Lenaghan and Larry Schlesinger

Sydneysiders looking for a luxury beach break on the Gold Coast have snapped up two sub-penthouses for $17.5 million apiece at the Mantaray Marina and Residences, a high-profile project by pub baron Bruce Mathieson and development partner Tim Gordon, CEO of Gordon Corp.

The $300 million project is the first new development in two decades on The Spit, a famed landmark at the northern end of the Gold Coast that is home to the former Palazzo Versace hotel – now The Imperial Palace hotel – the Sheraton Mirage, and Mariners Cove.

Overseen by Rich Lister Mr Mathieson and Mr Gordon, the Mantaray project includes a 67-berth super yacht marina, resort facilities and 24 luxury apartments of varying size.

Just sold to two separate Sydney families are two 600 square metre, four-bedroom waterfront residences, that each also feature 465 sq m of roof terrace overlooking the Broadwater and the Pacific Ocean, along with an outdoor cinema, private pool, and lawn space.

Gordon Corp’s sales and marketing director, Lara Dimond, said the sub-penthouses each comprise 1065 square metres, similar to the size of homes on large private estates. One of the purchasers had customised their floor plan, she said.

“In customising their home, the buyer has extended their entertaining space to capture north-eastern ocean aspects and showcase the Gold Coast’s famous sunsets over the Broadwater,” she said.

“They have also added entertainment features to create a fun and spacious sanctuary for their grandchildren when they visit.”

Designed by architects Rothelowman, the Mantaray is the first development to be delivered under the state government’s master plan for The Spit. Three-bedroom apartments in the project start at $8.5 million, while those with roof terraces start from $12.5 million, and the penthouse residences start from $14.4 million.

The Spit project is part of a fresh wave of luxury development on the Gold Coast, directed by high-profile players and fuelled by cashed-up buyers, often from interstate.

The average price for a new Gold Coast apartment has topped $1.6 million for the first time in the December quarter, according to research by Colliers.

While the number of new apartment sales in the three months to the end of December was the second lowest of any quarter in the past three years, the average price was 14.5 per cent higher than the previous record of $1.44 million in the September quarter of 2022, and 45 per cent up quarter on quarter from the $1.134 million average at the end of September last year.

Local developer George Mastrocostas’ Aniko Group is pursuing a $2 billion multi-tower apartment development with nearly 1000 apartments opposite Pacific Fair Shopping Centre at Mermaid Beach.

Rich Listers Tim Gurner, Sam Arnaout and Con Makris are all busy with major residential and hotel projects on the Gold Coast, along with veteran developers such as David Devine.

This article was originally published in www.afr.com/property written by Nick Lenaghan and Larry Schlesinger