Local property finance company, City Pacific has announced the sale of its Financial Services arm, which will aid the expansion of Melbourne-based OneLend Corporation.

The arm, which consists of around 40 City Pacific Finance offices has been viewed as a non-core asset by City Pacific and therefore expendable at a time when the company has considerable debts to meet.

With over $120m of debt to be repaid before March 2009, this sale of around $2.2m no doubt helps, but is far from the solution to City Pacific’s financial predicament.Подаръци

Phil Sullivan has stepped down as head of Gold Coast company City Pacific and director of City Pacific’s development arm CP1.

The resignation comes hot on the heels of the announcement that CP1 – hit very hard by the global credit crisis – made a $109m loss last financial year, with a 76% fall in total revenue.  Mr. Sullivan has retained his 30% stake in the company, and is believed to be staying on a consulting role as his successors take charge of the companies.

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.

Following the recent sale of the Gold Coast International hotel, joint owners Raptis Group and CP1 have sold the adjoining 1.1ha site to Pandanus Beach Investments for around $30m.

Whilst the $30m is no doubt welcome, Raptis Group still have close to $300m of debt to recover in the next few months if they are to remain solvent.  The sale is also good news for CP1, whose shares have been in a trading halt for over a month pending a funding announcement.

The new owner of the site, Pandanus Beach Investments is believed to be linked to local developer Niecon, who are currently building The Oracle project in Broadbeach.

Less than a week into a month-long expression of interest campaign, it has been reported that there is strong interest Raptis Group’s sale of the beachfront Sheraton Mirage in Main Beach.

The property, purchased by the Group for around $82 million in 2006 could fetch in excess of $100m – which would make a significant dent in the $300m of debt the Group needs to repay in the short term.

The interested parties are primarily Australian, however there has also been enquiry from Asia and the Middle East.  Among them are Gold Coast businessman Craig Gore, who through his own group International Marina Development and Management has been in discussions with City Pacific to purchase the Mariner’s Cove Marina, opposite the Sheraton.

Following a turbulent twelve months, being buffeted by a slower property market, the after-effects of the US credit crunch and the fall of MFS, City Pacific has undergone a savage asset write-down and posted a $139m loss for the last financial year, a turnaround in property development activities ($46m profit in FY2006/07, to a $5m loss last year) being one contributing factor.

The write-down has devalued City Pac’s assets by around 37%, and whilst the hit has been a big one, the company has adopted a very conservative line, and appears poised for a more lucrative 2009 with the sale of Townsville’s ocean terminal project for over $20m due to settle later this month.

In positive news, the company’s funds management and financial services arms both performed well despite difficult market conditions.  At times over the past year, there were serious concerns that company would never recover, however at this stage such concerns look set to remain a thing of the past.

For some in Gold Coast development sector, it has been a tumultuous few days.  Raptis Group chairman, Jim Raptis has defended his company’s debt holdings – which are believed to exceed A$700m – and trading in City Pacific-linked developer CP1 shares has been suspended pending an announcement regarding its debt facility.

Today, City Pacific and Raptis announced that they plan to sell the jointly-held Gold Coast International Hotel to enterntainment and hotel group Amalgamated Holdings – barely 18 months since acquisition of the site.

Originally purchased along with an adjoining parcel of land for around $70 million in early 2007, and slated for a four tower mixed use development, CP1 and Raptis have reportedly agreed to a price of around $56.5 million for the hotel, electing to retain the 1.1ha site next door (believed to be valued in excess of $40m).

Amalgamated will likely refurbish the hotel, while the proceeds from the sale will be used by Raptis Group to pay down debt.  City Pacific Managing Director Phil Sullivan did note however, that the sale will not affect CP1′s debt facility.

City Pacific has reportedly negotiated a contract to sell their 11.3 hectare beachfront site in southern Surfers Paradise.   The buyers are believed to be a Korean group, and the price tag somewhere in the vicinity of $205million.

At this stage, the contract is still subject to approval from the Foreign Investment Review Board.

As such future of (what is currently) the largest beachfront site ever amalgamated on the Gold Coast (at an original cost in excess of $100 million) remains uncertain.   Should the current contract result in a sale, it remains to be seen whether the new owners will make use of the existing Development Approval for a 36 and 41 storey tower plus villas on the site, redraw the plans or simply land bank the site.

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.

After several days of negotiations with three parties, it is anticipated that City Pacific will announce the sale of some of their assets later today.  The sale is expected to include the 11,000 square metre Surfers Paradise beachfront site that the company amalgamated last year with local developer Craig Perry’s Insight group.

At this stage, the identity of the bidders has not been confirmed, although it is speculated that Sunland and Mirvac – City Pacific’s joint venture partner on the $1bn Gainsborough Greens development are among them.   Details of the deal should become available by the end of the day.