The Sheraton Mirage‘s new owners, Pearls Australasia are making good on their plans to restore the restore the resort to its former glory.  The first stage of this process will involve full refurbishment of all 296 rooms in the 24-year old hotel.  The process will take place over the next three years and paves the way for as-yet-undisclosed future stages in what Pearls founder and chairman Nirmal Singh Bhanghoo has called a “dramatic overhaul”.

Pearls bought the Christopher Skase-developed property from Raptis Group recievers last year for $62.5m.

While numbers have fallen since the days of the Gold Coast Indy, this years Gold Coast 600 still managed to draw large crowds and provide a big boost to the local economy.  Trackside accommodation was filled, and in general occupancy rates across Main Beach, Surfers Paradise and Broadbeach saw a big increase for the three-day motorsport event.  There was concern that the new V8-based format would fail to attract public interest, but on the whole, the event exceeded many predictions and expectations.

While construction of the Gold Coast’s Rapid Transit project isn’t due to commence until November of this year, and completion remains as far away as 2014, commentators and industry insiders are already discussing the positive impact the project will have on real estate values along the Parkwood to Broadbeach route.

Many agree that prices are unlikely to jump overnight, but a gradual increase of 10% or more is expected, with even greater gains for developers amalgamating sites close to the new transport hubs that the project will create.  Already, a developers are sitting on a number of sites near the Gold Coast Convention Centre, and the project’s initial Broadbeach terminus, with hopes of large future capital gains.

The Supreme Court has given St. George Bank the go-ahead to sell the Sheraton Hotel at Main Beach to Indian developer Pearl Australasia for $62.5m.

This follows a challenge from the 2nd and 3rd mortgagees on the property who argued that St. George (the first mortgagee) didn’t have the right to sell the hotel business – just the land and the building.  With the sale proceeding, St. George will be the only mortgagee to recoup any money from the sale of the former Raptis Group asset.

Premium Income Fund, the second mortgagee are said to be considering an appeal.

Indian apartment & shopping centre developer and management company, Pearls Infrastructure Projects have purchased the Sheraton Mirage Resort from Raptis Group recievers for under $60m dollars.

Purchased by the Raptis Group in 2005 for $82m, the sale represents a small loss for St. George Bank – who are owed around $60m plus costs.  The main loss will be felt by 2nd mortgagee Premium Income Fund, whose unit owners will not see any of the $20m owed to them.

This is the first Austrlaian acquisition for Pearl Infrastructure Projects, who are expected to undertake a refurbishment of the hotel.

It’s been reported that an Indian developer is in line to purchase the Sheraton Mirage Resort.  Placed in receivership last year following the collapse of the Raptis Group, a $70m deal is currently in the works.

The first mortgagee, St. George Bank, is believed to be owed $60m plus costs on the beachfront Main Beach property

Following the Gold Coast City Council’s rejection of a development application for a 9 storey residential tower on the beachfront in Main Beach, Katie Page, partner of Gerry Harvey and joint head of the Harvey Norman chain, has lodged an appeal.

Set to be held in the Planning and Environment court in the next few months, the appeal aims to overturn the Gold Coast City Council’s decision.  Meanwhile, a group of local residents opposed to the development have raised over $130,000 to fund the legal fight against the development themselves.

Aiming to raise half a million dollars – a similar figure to that spent on the successful legal fight against the 5 storey ‘Tedder One’ development  – the residents, in conjunction with Council, feel they have a strong chance of success.

A 9-storey apartment building in Main Beach proposed by Magic Millions owner and wife of Gerry Harvey, Katie Page has been rejected unanimously by Council.

Despite close to 800 letters from Main Beach residents opposed to the deverlopment, it was ultimately rejected because it failed to meet 13 criteria – not least of all the area’s 3 storey height limit.

Mayor Ron Clarke has criticised the couple for attempting to use their wealth and reputation to avoid meeting the development criteria and has welcomed any court action they may wish to take against Council over the rejecting, stating that “I’d love them to, they’ve got no leg to stand on.”

A battle is brewing in Main Beach as Council decides whether or not to ignore the existing 3 storey height limit and approve an 8 storey apartment building at 3565 Main Beach Parade.

The developer, Magic Millions owner and wife of Gerry Harvey – Katie Page – was overseas as the Main Beach Progress Association tabled 800 submissions opposed to the new building – written off as “bullshit” by Mr. Harvey.

Should Council approve the building, it will set an interesting precedent for the area – which at present is made up of a large number of older, 3 storey walk-up buildings, and could set  off a wave of redevelopment.  By the same token, given the level of opposition, a relaxion of the Town Plan could also result in a strong community backlash.

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.