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.