After weeks of bitter legal battles, Balmain Trilogy has been awarded control of City Pacific’s First Mortgage Fund after the Federal Court handed down a ruling on the matter.

While the move will directly affect the unit-holders in the $630m Fund, it also raises questions about the future of City Pacific’s real estate holdings: most notably King Tide on Broadbeach Boulevard and the Pacific Beach beachfront site on Old Burleigh Road.

With the significant interest bill taken into account the two sites are estimated to owe the company in the vicinity of $220 million.  The Pacific Beach site has been on the market for several months and it has been widely speculated that King Tide will follow.  However, given the current state of the Gold Coast property market and the relatively small buyer pool for large development sites, any sale of either of these sites is likely to represent a significant loss.

After several applications were rejected on the basis of height, Bullish Bear Holdings has been granted building approval for the King Tide site on Broadbeach Boulevard.

The proposed building, featuring 91 luxury apartments over 25 levels – including a tri-level penthouse, now faces its next challenge: Getting built.

Bullish Bear, the local consortium that owns the site is realted to Foresight Acquisitions, a joint venture between local businessman Craig Perry and embattled financier City Pacific.  Foresight own (and are currently in the process of trying to sell) an 11,000sqm beachfront site at the south end of Surfers Paradise.

It is rumoured that the King Tide site is also likely to be taken back to the market to aid City Pacific in its attempt to repay its debt to the Commonwealth Bank.

In another blow to the already struggling City Pacific Group, it appears that any redevelopment King Tide building on Broadbeach Boulevard that they purchased last year has suffered a setback.

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In real terms, this means that the $40 million price that City Pacific paid for the site is now considerably above market value – and with the land believed to be up for sale in order to cover debts, it seems likely that the Gold Coast developer will have to take a loss of at least several million dollars in order to offload King Tide.

Since Tuesday’s suspension in share trading, City Pacific has reportedly been in discussion with three possible buyers or joint venture partners for a number of it’s assets.

The company, which owns either fully or jointly, a number of large development sites on the Gold Coast, including Mariner’s Cove and the Gold Coast International (with the Raptis Group), the $100m Surfers Paradise beachfront Pacific Beach site and the King Tide site in Broadbeach, is believed to need to raise some funds in order to repay a number of debt commitments, notably $240 million to the Commonwealth Bank.

It is believed that City Pacific Ltd will soon lodge plans with Council for the development on the King Tide site on Broadbeach Boulevard.

Given that Council recently rejected APG’s plans for a 27 storey building at the northern end of the block (knocking it down to 20 storeys), it will be interesting to see exactly what City Pacific ask for and – more importantly – receive.  The ‘Talisman’ building, next door to the King Tide site, is 25 storeys high, although the current town plan limits developments to 20.

Given the position of the building, and current market trends, it is likely that the new development will be a high-end residential-only building (much like the nearby ‘Waterline’ building), although at this stage, all we have to go on are rumours.