In another step forward for the Gold Coast Rapid Transit system and a boon for Southport Central’s commercial precinct, the expanding GCRT team has moved into new headquarters in the downtown Southport building.

The 1500sqm office space should accommodate the team of 80 as they prepare for the start of construction on the project, due in November this year.

After a tumltuous year, which saw the original developer – Raptis Group – go into receivership, Southport Central is finally complete.

The three tower, $700m project is one of Australia’s largest mixed-use developments, and is being given a lot of credit for revitalising the suburb of Southport.

Settlements in the third and final tower will begin on Monday the 20th of April, however whilst the construction is finished, there remains close to 150 apartments (of a total 788) still for sale throughout the project.

After months of turmoil, and with a number of subsidiary compaines sliding into recievership, Raptis Group has appointed an administrator to assist with its financial woes.

The administrators, from BRI Ferrier, have prior experience with the company – having been appointed recievers of the companys contruction arm last December.

The first creditor’s meeting is expected to take place next week.

KordaMentha, who several months ago took over as recievers of embattled Raptis Group’s Southport Central project have announced the completion of structural works on the third, and final, main tower of the development.

With only internal works to be completed in the upper levels of the tower, it is likely that Tower 3 will be open in the first quarter of 2009.

With 199 apartments still available, the remaining challenge it to see the project’s remaining stock sold.

Workers are back on site at Raptis Group’s Southport Central development today, after a tumultous week which saw receivers take over the project.

With just eight storey’s left to complete the third and final tower, it is believed that up to 400 out-of-pocket suppiers and contractors have been paid at least half of what they are owed, with the balance to be paid out shortly.

With around $700m in debt to repay over the next year, $300m of which needs to be repaid in the near future, trading in Raptis Group shares will remain suspended for a further 2-4 weeks, as the Group tries to sell off assets and find joint venture partners.

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.

Workers and suppliers have walked off Raptis Group’s Southport Central site today following the appointment of receivers to the several subsidiaries debt-laden company.  The walk-off today follows similar action from contractors at the Group’s Hilton Surfers Paradise construction site.

Over the past few weeks there have been concerns about Raptis Group’s ability to service in excess of $700m worth of debts.  At this stage, management have requested that shares be suspended from trading for two days in anticipation of a refinancing arrangement.