Gold Coast development: Thornton St site in Surfers Paradise sells to Brisbane company for $3.35M

A Brisbane company has bought a site in Surfers Paradise with approval for a 31-storey tower. The site includes the first property the council sold to fund its cultural precinct.

This site at 9-11 Thornton St, Surfers Paradise has sold to a Brisbane company.

A Brisbane company has paid $3.35 million for a site in Surfers Paradise with approval for a 31-storey tower.

Property records show Thornton St Properties Pty Ltd, linked to China-born Brisbane resident Xinlei Xu, purchased the site at 9-11 Thornton St in April. The sale settled in June.

The 1012sq m landholding, which consists of a unit complex at No. 9 and vacant block and former park next door at No. 11, was sold at the behest of mortgagee Makro Pty Ltd, linked to Richard Akero.

It took control of the site from former owner Peninsular Properties (Qld), associated with Broadbeach resident Gregory Craig earlier this year.

Concept image for the approved tower at 9 — 11 Thornton St, Surfers Paradise.

AMAZING OFFER: GET A SAMSUNG GALAXY TAB A 8.0 WITH THIS BULLETIN SUBSCRIPTION (T & Cs apply)

Mr Craig acquired the six units from separate parties for a total of $2.23 million while the price paid for the former park, the first property sold by the city council to help fund the $37.5-million Evandale cultural precinct, has not been disclosed.

The park was one of 16 properties the council nominated for disposal in mid-2014 and was sold after a vote.

In 2017 the property was approved for a 31-storey tower with 81 apartments made up of 78 two-bedroom units and three three-bedroom apartments.

The plans also include 93 carparks spread across a four-level basement.

Antonio Mercuri, of GV Property Group, negotiated the deal for the 9-11 Thornton St site.

An artist impression of the 31-storey development approved for Thornton St, Surfers Paradise.

WHERE COAST'S NEWEST POOL HALL WILL BE BUILT

Mr Mercuri said most development sites are being sold at the southern end of the Coast, however there was still demand for Surfers Paradise sites “if the price is right”.

The sale price reflects a square metre rate of $3310.

He said the new owner has not revealed its plans, however, it is likely to be landbanked for future development. The six residential units are leased and return approximately $120,000 per annum to the owner.