Gold Coast business gossip: Palace Cinemas ditches plans for movie centre in Surfers Paradise, Richard Nyholt comes out of bankruptcy and more

Plans for a new cinema complex at the heart of the Gold Coast have been ditched in the latest impact of COVID-19 on the city’s business community. All this and more in your Monday business gossip.

PLANS for a new cinema complex at the heart of the Gold Coast have been ditched in the latest impact of COVID-19 on the city’s business community. All this and more in your Monday business gossip.

CINEMA PLAN WITH X FACTOR DROPPED

THE curtain’s come down on plans for a 13-cinema movie centre in the heart of Surfers Paradise in the wake of the COVID-19 pandemic.

The centre was planned by national chain Palace Cinemas in the X Galaxy property, formerly the ­Piazza, on the corner of ­Elkhorn Ave and Surfers Paradise Blvd.

The former Piazza building in Surfers Paradise won’t be getting a new cinema after Palace Cinemas pulled plans to locate one in the centre.

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The Hong Kong owners of X Galaxy and Palace, which operates in more than 20 locations, previously had agreed to a 15-year lease on level-four space.

GORDON GROUP LINKED TO SOUTHPORT SPIT SITE

A GROUP that is believed to include Asian interests and property player Tim ­Gordon, in the wake of a ­viability study, might have a chunk of land on the Southport Spit in its sights.

The 9858sq m site was put on the market by the state government earlier this year with a 120-year lease and with a seabed lease.

A land parcel next door to Mariner’s Cove is reportedly being eyed by Asian interests and property developer Tim Gordon.

The parcel is next door to Mariners Cove, which ­Chinese billionaire Riyu Li bought last month for $28 million.

NYHOLT OUT OF FINANCIAL SINBIN

RICHARD Nyholt, former ­Fijian rugby international and an old boy of The Southport School, is out of the financial sinbin after three years on the sidelines.

He was bankrupted in 2017 owing more than $8 million, a demise that followed the failure of the company he directed, ­Nyholt Constructions.

Richard Nyholt pictured during his playing days.

The rugby prop, known as Qio Vula (White Shark), has had his bankruptcy ­annulled in the wake of a deal with creditors.