In another blow to the already struggling City Pacific Group, it appears that any redevelopment King Tide building on Broadbeach Boulevard that they purchased last year has suffered a setback.

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In real terms, this means that the $40 million price that City Pacific paid for the site is now considerably above market value – and with the land believed to be up for sale in order to cover debts, it seems likely that the Gold Coast developer will have to take a loss of at least several million dollars in order to offload King Tide.

Tags: City Pacific Ltd, Future Development, gold coast, Gold Coast City Council, King Tide Redevelopment, news, property, real estate

This entry was posted on Tuesday, March 18th, 2008 at 12:03 pm and is filed under City Pacific Ltd, Future Development, King Tide Redevelopment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.