At the behest of the project financier, the Commonwealth Bank, City Pacific’s development arm, CP1 has placed the 2.49ha Paradise Resort site, at the northern end of Surfers Paradise, on the market.

Initially a joint venture with Azzura, CP1 took control of the ambitious 4 tower project in May.  Billed as the nation’s first fully themed ‘entertainment resort’, the project may still go ahead in its current form if another developer buys the site and decides to proceed with the existing plan.

Purachsed for $61m in 2004, CP1 are hoping to realise a price in excess of $80m for the site.

Tags: Azzura, City Pacific Ltd, CP1, gold coast, news, Ongoing Development, Pacific Resort Redevelopment, property, real estate, Surfers Paradise

This entry was posted on Thursday, October 16th, 2008 at 12:46 pm and is filed under Azzura, City Pacific Ltd, CP1, Ongoing Development, Pacific Resort Redevelopment, 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.