Billionaire Tony Fung offers $48 million for Equinox Sun Resort part-owned by Dr John Knight

A GOLD Coast beachside tower — which includes 37 units for seniors at discounted rates — is now in the crosshairs of a Hong Kong billionaire who is looking to build a six-star hotel on the Glitter Strip.

PENSIONERS’ pal Dr John Knight is facing a $17 million dilemma.

A $48 million offer has been made for the Equinox Sun Resort tower in Surfers Paradise by a company with links to Hong Kong billionaire Tony Fung.

The offer, if successful, would more than treble the size of a site on which Mr Fung’s Aquis Australia has approval for a six-star hotel.

The proposed Aquis hotel

The Equinox building includes 37 units owned by Dr Knight’s Med-Aid Centre Foundation which are occupied by seniors paying heavily discounted rents.

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The Equinox Sun Resort. Picture: Jerad Williams

The Foundation could provide accommodation for many more needy pensioners if they cash in, but face having to move their existing Equinox clients.

David Knight, who runs Medi-Aid with his father, yesterday said the foundation was considering its position over the Equinox offer.

“As always, our priority remains the health and wellbeing of the elderly people we accommodate,” he said.

The 37 Equinox units are among more than 200 Surfers apartments owned by the Medi-Aid group housing more than 260 pensioners.

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Dr John Knight, better known as Dr James Wright.

Dr Knight — also known as former TV doctor James Wright — and Med-Aid have been buying Surfers apartments for two decades.

Medi-Aid first became an Equinox owner in 2001 and has bought its apartments at between $110,000 and $400,000.

The $400,000 buy, made last year, is the highest price paid by any existing owner.

All up, the Knight camp has spent just over $9 million at Equinox, a sum which could become $17 million or more if a decision is made to sell.

Reading his front page story in the Bulletin is Tony Fung. Picture: Richard Gosling

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The $48 million offer for Equinox is being made via company Landsec, which is based at Aquis’s Broadbeach Waters offices and in which Aquis real estate director Greg Benneworth is a director.

Under Queensland law the offer, which takes in the Equinox management rights, cannot succeed unless all owners accept it.

The offer comes as Equinox owners are facing heavy repair costs.

Mark Skelton, chairman of the body corporate, has told them that repairs could cost up to $1.15 million and that they could each have to pay at least $8000.

Alternatively, the body corporate could borrow the money and repay it by lifting levies.

Mr Fung wants to buy the resort Picture: Jerad Williams

Mr Skelton said an information night for owners would be held on August 3.

A renowned philanthropist and 2017 NSW Senior Australian Of The Year, Dr Wright said if Equinox was sold and redeveloped, it wouldn’t be the first time Medi-Aid had relocated residents.

He said a large group of people housed by Medi-Aid in Sydney were successfully moved to alternative affordable accommodation after the sale of one of its properties there.

Dr Wright said the foundation would use any proceeds from any potential Equinox sale to help boost the number of struggling seniors it provides affordable housing for in Surfers Paradise.

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Dr Knight has been helping seniors for decades. Picture: Jerad Williams

“The proceeds would be used to assist as many seniors who are experiencing financial hardship as we can by purchasing more Gold Coast units,” he said.

Medi-Aid was founded in 1971 by Dr Wright and his late wife Noreen Knight to help elderly people who’ve hit hard times.

The public benevolent institution has since grown into a multimillion-dollar enterprise, with succession planning to ensure its good work continues for generations to come.

Seniors in need of housing assistance can contact Medi-Aid Centre Foundation via Ocean Blue Realty on [phone].