Another high-profile Gold Coast development has been taken over by receivers, with The Oracle project in Broadbeach the latest casualty. The twin-tower development – the largest in Broadbeach, with over 500 apartments and three levels of retail and commercial space – is now under the management of KordaMentha, at the bests of the National Australia Bank.

Fully completed, with tenants moving into the retail and commercial precinct downstairs, an estimated 400 apartments in the project sold, with around 200 still to settle. KordaMentha will be spending the next few months finishing settling the remaining contracts and planning resales of these, and the existing unsold stock.

With the first of two towers due for completion in August, Mantra has purchased the management rights for Niecon’s iconic Oracle project in Broadbeach.  The two towers will be managed under the group’s luxury Peppers brand – and will become the Gold Coast’s first five star hotel since the completion of Palazzo Versace in 2000.  As part of the deal, the Oracle name will be foregone, and the building will be known as Peppers Broadbeach.

Overseas owners of 80% of the commercial tenancies in Victoria Square on the Broadbeach Mall are making a new bid to sell their holdings, having received little interest in a 2007 campaign.

The decision comes following the successful sale of a number of the commercial spaces underneath the nearby Broadbeach on the Park building, and on the back of encouraging reports from developer Niecon that they are receiving strong interest in the commercial portion of their new project Oracle.

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.

Nearly two years since its initial launch, earthworks are underway for Oracle – which will be (upon the slated 2010 completion date) Broadbeach’s largest development thus far. Melbourne-based Grocon, who built the world’s tallest residential building (the 300m tall Eureka Tower Melbourne’s Southbank) are responsible for the construction of the development, which will comprise of a 50 and 40 storey apartment building (505 units in total) atop three levels of commercial and retail space.

Sales have been strong, with only 7 of the 264 apartments in Tower One still available, and nearly 80% of Tower Two under contract. Already some resales are starting to trickle into the marketplace, largely in Tower One. Should some of these vendors achieve their asking prices, it will be a testament to the continuing growth of Broadbeach’s beachside property market.

A more detailed breakdown of the Oracle Development will be coming soon. In the meantime, for further information please send us an email or post a comment with your questions.