Regis to cut ties with Palm Beach site slated for eight-level aged-care tower

A listed aged-care provider will not proceed with plans for an approved beachfront eight-level aged-care home in Palm Beach.

AGED care provider Regis will not proceed with plans for an approved beachfront eight-level aged-care home in Palm Beach.

The ASX listed company has instead decided to put the 3304sq m parcel, which it purchased off ­former motorcycle world champion Mick Doohan for a total of $15.6 million, to the market.

Regis purchased two adjacent blocks, which it later amalgamated into one parcel at 332 The Esplanade, in 2017 and the following year applied to the Gold Coast City Council to build an 11-level tower.

However, this was reduced to eight levels and 147 bedrooms following public notification.

Kyle Youngson and Richard McCouaig, of Cushman & Wakefield, have been tasked with marketing the site in an expressions-of-interest campaign ending on July 16.

Regis will sell its beachfront site in Palm Beach it acquired from Mick Doohan

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Mr Youngson said the site will attract a “high calibre” of developer both in Australia and overseas.

“We seldom get the opportunity to promote the features of such a large beachfront site at one the Coast’s premium locations,” he said.

Mr McCouaig added that Palm Beach has experienced strong growth in the past few years and continues to be a development hot spot.

Mr Doohan once had plans to build a tavern on the site, however his plans attracted controversy when first floated in 2007 and the plan did not go ahead.