Following a collapsed contract late last year, Raptis Group and City Pacific’s development arm, CP1 have sold their jointly-owned site adjacent to the Gold Coast International Hotel in Surfers Paradise.

Originally purchased, along with the hotel, for a planned 4 tower development, looming debts have forced the sale.  Tipped to be a fire-sale and do little more than recoup a $15m debt owed to Lend Lease, the sale has surprised many by almost reaching the $30m price tag local developer Con Nikiforides had offered for it last November before the contract collapsed.

With the buyer’s identity subject to a confidentiality clause – but tipped to be an overseas party – the strong sale price is a positive sign for the local market.  The contract on the 1.15ha site, on the corner of Surfers Paradise Boulevard and Ocean Ave is due to settle later in the year.

Tags: business, City Pacific Ltd, CP1, Future Development, GCI, gold coast, news, property, Raptis Group, real estate, sale, Surfers Paradise

This entry was posted on Tuesday, March 10th, 2009 at 2:29 pm and is filed under City Pacific Ltd, CP1, Future Development, GCI, Raptis Group, 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.