Formally known as Stephens.

Thomas Blacket Stephens (1819-1877) politician and businessman acquired 6980 acres of hinterland in 1873. The property would be known as the Merrimac Estate. A new Gold Coast suburb gazetted in 1981 was named after Stephens. In 2002 Stephens was amalgamated with Andrews and a section of Robina to form the new suburb of Varsity Lakes, which was the developer's name for the estate and quite controversial at the time.

Varsity Lakes is close to Bond University, the M1 motorway (exit either Robina Parkway or Reedy Creek Rd), Robina Town Centre and the Robina train station.

Because of the way this area has been developed by Delfin (technology-wise), it is popular with SOHOs.

Households in Varsity Lakes are primarily couples with children and are likely to be repaying between $800.00 - $1000.00 per month on mortgage repayments. The current media price is $396,000 and a higher percentage of people rent in this area than are owner/occupiers.