In the wake of a collapsed $205m with a Korean company last year, and following increased pressure from financier Fortress Credit, City Pacific have placed their 11,000 sqm beachfront site on the corner of Old Burleigh and Wharf Road back on the market.

Assembled at a cost of over $100m in 2007, the site is believed to owe City Pacific and Fortress a figure approaching $200m.  However, following recent falls in the value of beachfront property, it is widely expected that any sale – whether it be the entire site in one line, or broken into portions – will leave a significant shortfall.

Tags: beachfront, beachfront for sale, City Pacific Ltd, fortress credit, Future Development, gold coast, news, Pacific Beach, property, real estate, Surfers Paradise

This entry was posted on Saturday, May 9th, 2009 at 1:54 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.