Gold Coast development giant Sunland Group set to make changes to its Brisbane structure
Soheil Abedian’s Sunland Group not only is selling some of its trophy sites, but is quitting a Brisbane holding. READ THE FULL REPORT
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This week On The QT:
RAPTIS SELLS OFF MANAGEMENT RIGHTS
A FORAY by great survivor the Raptis Group into management-rights at chairman Jim Raptis’s Waterpoint Residences is set to end little more than three months after it started.
The rights, bought from Jim and family for $6.01 million in June, are due to move to a new owner next week, with the group getting 25 per cent of any profit.
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The rest, described as a commission, goes to Jim, who announced last week that the resuscitated Raptis Group had netted $53,000 in its latest year.
TWIGG ‘LOSES’ MERMAID MOTEL
MAX Twigg, who lost $10 million in 2011 on a home in Mermaid Beach’s Multi-Millionaires’ Row, has just ‘lost’ a nearby motel and development site.
Max, who sold the family’s landfill business for $155 million 13 years ago, has been successfully sued by two sisters over unauthorised transfers from a family trust.
The upshot is that assets that will move to his sisters include the Surf Street Motel, a nearby Surf St site, and a Miami industrial property.
SUNLAND SELL-OFF CONTINUES
SOHEIL Abedian’s Sunland Group not only is selling some of its trophy sites, but is quitting a Brisbane holding, Kenmore Views, on which it had flagged 96 ‘premium’ townhomes.
The move comes as the $20 million riverfront ABC site in Brisbane, for which Sunland failed to get approval for three ‘champagne flute’ towers, is on the market.
The group’s already unloaded Mariner’s Cove on the Southport Spit and is selling part of its Greenmount holding at Coolangatta.
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‘Follow the rules’: Developer warning as tower begins to rise
The first sod has been turned on a ultra luxury beachfront Broadbeach tower despite warnings from the Gold Coast City Council its building permit is yet to be approved.