After months in limbo, the jointly Foresight Acquisitions and City Pacific-owned Pacific Beach site in Surfers Paradise has reported been sold.

A Chinese consortium beat local developer Sunland to the property – but at this stage a price has not been disclosed.

The 11,000sqm site on the corner of Wharf and Old Burleigh Roads is the largest beachfront site amalgamated in recent years and the sale represents a significant expression of confidence in the local market.

Whether the Chinese group will continue with the existing approved development plans or apply for changes is not yet known.  One interesting fact is though: The group has obtained approval from the Foreign Investment Review Board to sell 100% of the project to overseas buyers (as opposed to the usual 50%) – suggesting that they plan to make a considerable number of sales in their home market.