No sooner had the ink dried on the deal for a Chinese consortium to purchase the 11,000sqm Pacific Beach development site in Surfers Paradise than an obstacle appears to have surfaced.

Foresight Acquisitions, which amalgamated and jointly owns the property with City Pacific has placed a caveat on the sale of the property which could delay or prevent settlement.

Foresight has launched a claim in the Supreme Court for $25m from the now-failed City Pacific.  They are seeking damages for lost profits as a result of City Pacific’s failure to see the project through to completion.

Tags: City Pacific Ltd, Foresight Acquisitions, Future Development, gold coast, news, Pacific Beach, property, real estate

This entry was posted on Wednesday, August 26th, 2009 at 10:15 am and is filed under City Pacific Ltd, Foresight Acquisitions, Future Development, Pacific Beach. 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.