Gold Coast development: Chinese developer Liyun Cao buys Southport unit block for $2.16m
A Southport apartment block has been bought for $2.16 million – thanks to an international developer. READ THE FULL REPORT
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LIYUN Cao – a Chinese developer who had plans to put high rises on the former Star of the Sea convent site – has expanded his Southport footprint with a CBD apartment block.
Threegardens Pty Ltd, which counts Mr Liyun as sole director and shareholder, has emerged as the new owner of 3 Garden St next to the Woodroffe Hotel.
Mr Liyun has spent $2.16 million on the eight-unit complex, situated on a 817sq m block.
The units are on a single title on a rectangular corner site with frontage to Garden St and Owens Lane.
PRDnationwide – Ashmore agent Andrew Turner, who negotiated the deal, on Friday declined to comment.
Mr Liyun emerged as a significant player in the Southport development scene in 2014 after buying the former convent site spanning 1.38ha for $27 million through company vehicle Garuda GC Corporation Pty Ltd.
Garuda is the Australian arm of Huixin Real Estate Group
Mr Liyun then added two properties at the northeastern end of Nerang St for a total cost of $6.6 million. The convent was demolished in 2016.
The $2 billion project on the Star site was to have included a resort and lifestyle precinct featuring high-rise towers with shopping and dining precincts, office space and education facilities alongside resort accommodation and permanent-living apartments.
At the time a property industry source said the project would “outshine all other developments in the Southport CBD”.
However, it never got off the ground and nowadays is used as a carpark.
The property was also once cited as a possible site for a second Gold Coast casino.
Mt Liyun’s new holding includes five two-bedroom, two one-bedroom and one three-bedroom units yielding a total of $140,000 per year fully yet.
The seller of 3 Garden St was Faringdon Investments Pty Ltd, associated with the Seeto family.
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