Since being frozen – along with the other assets in City Pacific’s First Mortgage Fund over two years ago, new fund manager, Balmain Trilogy have sold the 11,000sqm beachfront Pacific Beach site to a Chinese-back developer for $81.8m.

The developer, Ridong (Gold Coast) Development, has now settled on the purchase and are reported to already be working on plans for a twin tower development for the Surfers Paradise allotment.

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.