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Sydney developer ODUS and financier Metrics Credit Partners have taken over a $290 million ARI Main Beach residential development on the Gold Coast after acquiring the site from Melbourne-based Stamoulis Property Group for $55.68 million.
The deal is the second acquired by ODUS and Metrics in the past year after the partners took control of the previously stalled La Mer project, a $150 million development which is adjacent to the ARI Main Beach site.
The ARI development is located on a 1,355sqm beachfront site at 3555 Main Beach Parade and will comprise 31 half and full-floor beachfront apartments, along with exclusive resort-style amenities.
ODUS, a company led by Byron Sakha, Jarrod Younan and Sebastian Younan, has been working with Stamoulis Property Group over a four-month transition period, with an early works agreement allowing the developer and project builder Nazero Constructions to finalise demolition and begin construction of ARI Main Beach.
Nazero Constructions, which was established in the 1960s, is a family-owned building company headed by the Younans.
ODUS is also working with Nazero to deliver the La Mer project, construction of which is expected to start in July.
“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,” says Andrew Lockhart, CEO and managing partner of Metrics Credit Partners.
The Sydney-based Metrics is a non-bank corporate lender and alternative asset manager with about $23 billion in assets under management. The company manages the Metrics Master Income Trust (ASX: MXT) and the Metrics Income Opportunities Trust (ASX: MOT).
Sakha says with the backing of Metrics, the strategic partnership between ODUS and Nazero Constructions provides the “control, autonomy and confidence” to move forward with his company’s 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,” says Sakha.
“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.”
Demolition work has already begun on the site which formerly housed the Hibiscus apartment building developed in the 1980s.
“We’ve got the builder and the financial capacity to commence work immediately and will benefit from efficiencies between the two Main Beach sites,” says 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.”
Stamoulis Property Group, which is led by rich lister Harry Stamoulis, acquired the ARI site in 2022 in an off-market deal in 2022 that is reported to have been worth more than $31 million.
A spokesperson for Stamoulis says the decision to sell the project to ODUS centred on its "strong delivery capabilities, presence on the Gold Coast and financial backing", which positions the company 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,” says the spokesperson.
While ODUS is still to announce pricing for the half-floor and full-floor apartments at ARI Main Beach, which will range from 295sqm to 620sqm, they are expected to start from $7.5 million.
The project will include resort-style resident facilities comprising a 25-metre pool, spa, sauna, beachfront lawn, gym, yoga studio, resident lounge, bar, and multi-purpose business centre.
The project will be officially launched to the market in the next few months and ODUS expects the project will be completed in early 2028.
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