City Pacific has reportedly negotiated a contract to sell their 11.3 hectare beachfront site in southern Surfers Paradise.   The buyers are believed to be a Korean group, and the price tag somewhere in the vicinity of $205million.

At this stage, the contract is still subject to approval from the Foreign Investment Review Board.

As such future of (what is currently) the largest beachfront site ever amalgamated on the Gold Coast (at an original cost in excess of $100 million) remains uncertain.   Should the current contract result in a sale, it remains to be seen whether the new owners will make use of the existing Development Approval for a 36 and 41 storey tower plus villas on the site, redraw the plans or simply land bank the site.

Tags: City Pacific Ltd, Future Development, gold coast, news, Pacific Beach, Paradise Sands, property, real estate, Surfers Paradise

This entry was posted on Wednesday, May 7th, 2008 at 6:01 pm and is filed under City Pacific Ltd, Future Development, Pacific Beach, Surfers Paradise. 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.