Sydney-based developer ODUS, in partnership with Metrics Credit Partners, has acquired the 21-level ARI Main Beach development on the Gold Coast, after securing the absolute beachfront site for $55.68 million.
The deal sees ODUS and Metrics, a leading Australian non-bank corporate lender and alternative asset manager, purchase the 1,355sqm site at 3555 Main Beach Parade in Main Beach from its former developer, Melbourne-based Stamoulis Property Group.
The partnership will push forward with the existing plans for the $290 million tower, including 31 luxury half and full-floor beachfront apartments, along with a suite of exclusive resort-style amenities, designed by renowned architect Bayden Goddard of BGD Architects.
The developer is working with Stamoulis Property Group over a four-month transition period, with an early works agreement allowing it and builder partner, Nazero Constructions, to finalise demolition and commence construction immediately.
It is the second Main Beach project acquired in the past year by the ODUS, Metrics and Nazero Constructions partnership.
Construction of the $150 million 29-level La Mer tower – located adjacent to ARI – commenced in July, with that project launched to market in November last year.
Demand has been very strong for La Mer’s 25 full-floor luxury residences, which start from $3.99 million, and are being sold through marketing agent James Elliott of OTP Group.
ODUS is headed by development professionals Byron Sakha, Jarrod Younan and Sebastian Younan. The Younans also head family-owned builder Nazero Constructions, established in the 1960s.
Andrew Lockhart, CEO and Managing Partner of Metrics said: “The ODUS, Metrics, Nazero partnership aligns with our investment thesis of partnering with experienced developers that have a building capability to deliver exceptional projects and results for our investors.”
Mr Sakha said ODUS’s strategic partnership with Nazero Constructions, and the backing of Metrics, provided the control, autonomy and confidence to move forward with its second Main Beach development.
“This is an absolute A-grade site, with 30-metres of frontage to one of the Gold Coast’s most famed beaches and in one of its most exclusive postcodes,” he said.
“It’s a beautifully designed development and, while we’ll make some minor enhancements to the façade and interiors, we’ll largely progress with the existing plans.”
Mr Sakha said the partnership had hit the ground running, with demolition work already commencing on site, paving the way for basement construction to start within months. Completion of the tower is anticipated for early 2028.
“We’ve got the builder and the financial capacity to commence work immediately and will benefit from efficiencies between the two Main Beach sites,” said Mr Sakha.
“We’re confident the market demand for both properties remains very strong. It’s a prime location and the desire for top end beachfront apartments on the Gold Coast is extremely high, with supply low.”
A Stamoulis Property Group spokesperson said the decision to sell the project to ODUS centred on its strong delivery capabilities, presence on the Gold Coast, and financial backing, which positioned it to deliver on the project vision.
“We only wanted to deal with a group which had the potential to deliver what we believe is the best residential project on the Gold Coast,” said the spokesperson.
Half and full-floor apartments in the ARI development range from 295sqm to 620sqm, with a two-level penthouse measuring 849sqm. Prices are still being determined but are anticipated to start from $7.5 million.
Exclusive resort-style resident facilities include a 25-metre pool, spa, sauna, beachfront lawn, gym, yoga studio, resident lounge, bar, and multi-purpose business centre.
The project is anticipated to be officially launched by ODUS in the coming months.
Related Articles
