Makris Group puts $500M Marina Mirage expansion in play
The Gold Coast seems to be a developer’s dream now with the Makris Group proposing a $500 million expansion of Gold Coast’s Marina Mirage shopping precinct.
Hotels, entertainment precincts and dining venues are all on the table as the Gold Coast prepares to host the 2032 Olympics.
The Games will be hosted across Brisbane, the Sunshine Coast and the Gold Coast and is estimated to generate $8.1 billion in benefits to Queensland.
South Australian property developer Makris Group is in talks with lenders to back its ambitious $500 million plans which include a new luxury hotel, extra retail and dining outlets and 90 luxury apartments.
Makris built a billion-dollar fortune in South Australia, before moving headquarters to the Gold Coast in 2013. The Group has since sold off most of its Adelaide based shopping centres.
The Group is led by Con Makris and CEO Jason Makris who are in talks with lenders despite rising interest rates.
If all goes to plan Makris expects construction to start in 2024.
“Interest rate rises are challenging across all sectors,” Con said.
“While we are still pending council approval, we are exploring a range of options to ensure the success of the Marina Mirage project.
“This includes traditional lenders and alternative financing sources. We hold strong, long-term relationships with several first-tier financiers as well as others and are confident in our ability to secure finance and deliver the project.”
Makris’ plans are part of a major reinvigoration of the Gold Coast with Melbourne-based developers Pelligra Group and Giannarelli Group in a $480 million marina development play at Mariner’s Cove which includes luxury hotel brand Ritz-Carlton.
The Oracle Boulevard retail and dining precinct at Broadbeach has also been redeveloped.
The Makris family paid $52 million for Marina Mirage in 2013 and developed it into a 76-berth marina for super yachts.
“The Gold Coast is a tourism mecca with a predicted population growth of one million people in the next 25 years,” Jason said.
“We have witnessed significant growth in the Gold Coast retail, commercial and residential property market and are extremely confident in the potential of the region and its future prospects.
“The luxury market, including retail and accommodation, is showing strong signs of resilience post-Covid. We believe the market will continue to present attractive opportunities for investment.”
Jonathan Jackson - 13-3-23
