Jim Raptis: Gold Coast developer’s decision on future of Broadbeach tower on Anne Ave

Jim Raptis, into his fifth decade as a Gold Coast property player, has revealed what he’s doing with his planned 35-storey tower earmarked for a site on a residential street.

JIM Raptis, into his fifth decade as a Gold Coast property player, is taking another step to reduce his apartment tower portfolio.

The developer, on the verge of turning 77, has for the third time this year put a high-rise site on the market.

The latest sell-off move involves a site in Broadbeach’s Anne Ave, one approved for a 35-floor building with 146 apartments.

Mr Raptis in March settled the sale of another Broadbeach site, a Chelsea Ave location approved for a 41-floor building, for $9.792m — a $3.7m gain on his amalgamation cost.

Artist impression of the approved tower at 5-9 Anne Ave, Broadbeach.

Mr Raptis also is in the throes of finding a buyer for the land on which he planned a fifth tower at his Biggera Waters development, Waterpoint Residences.

The new Broadbeach sales move involves a 1545sq m holding at 5-9 Anne Ave bought from Chinese investors for $12.5m last year.

The land is occupied by three low-rise unit buildings.

GV Property Group’s Luke Ready said the units provided potential gross holding income of $325,000 a year.

Jim Raptis. Picture Glenn Hampson

Earlier this year Mr Raptis sold a Mermaid Beach property with highway frontage that was home to the building that housed the Gold Coast’s first cinema centre for $17.5m.

The asset sales come as he, his family and associated companies are facing a contested Australian Taxation Office claim for $110m in taxes and penalties.

The developer, either privately or via the inactive listed property company he controls, has built more than 20 high-rises on the Gold Coast, along with shopping centres and an office tower.

He is still busy in the tower construction space, finishing a building across the road from the ocean at Main Beach and embarking on a project in Broadbeach’s George Ave.

The Anne Ave land is being sold via expressions of interest in a campaign closing on July 21 and run by Mr Ready and GV Property principal Antonio Mercuri.

Originally published as Jim Raptis: Gold Coast developer’s decision on future of Broadbeach tower on Anne Ave