Officially for sale are the Sheraton Mirage and Midwaters, a small unit block – both in Main Beach.  However it is understood that the Group would also consider offers on the Holiday Inn and a vacant block of land next to the Gold Coast International Hotel in Surfers Paradise.

Additionally, Raptis are seeking a joint venture partner for the Surfers Paradise Hilton project, as well as the redevelopment of the recently-acquired Iluka building on the esplanade in Surfers Paradise.  Whilst a JV is believed to be the company’s preference, an outright sale of Iluka would likely be on the cards as well.

Work is likely to remain halted on the Southport Central Development – which went into receivership last week at the behest of the project funder, Capital Finance Australia – until at least Tuesday, as workers and suppliers seek assurances that they will be paid in full.

The new building will contain a few unique features, including a large underground water tank to irrigate the gardens and foreshore opposite. In addition, Council is currently discussing the possiblity of a roof-mounted artistic lightshow – similar to those on some Hong Kong buildings.

The 3/4 of a billion dollar development will include two commercial levels at the base and represents a continuation of the rejuvenation of central Surfers Paradise – which began several years ago with Raptis Group’s three tower Chevron Renaissance development and has included Sunland’s Circle on Cavill, Juniper’s 77-storey Soul development as well as Raptis’ two tower Hilton Hotel and Residences.