Spirit supertower sale welcomed by Gold Coast kingpin Max Christmas
One of the Gold Coast’s property kingpins has welcomed the sale of the Spirit site in Surfers Paradise despite the Chinese company taking a $50m loss. Here’s why.
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GOLD Coast property kingpin Max Christmas has welcomed the sale of the Spirit site in Surfers Paradise.
The Bulletin yesterday reported Chinese company Forise had sold the proposed site of a 89-storey tower for $50-60 million, a loss of about $50 million.
SUPERTOWER COULD HAVE BEEN EVEN HIGHER
The former Iluka site has been bought by a consortium of Australian and Asian investors.
Mr Christmas, who has more than 50 years experience in the property industry, said the quick sale of the project was a positive.
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He said the failure of Forise to develop the site had been a result of tightening money for overseas investment from China.
“The good thing is that it has changed hands quickly and that the new owners have the funds to proceed,” he said.
FORISE CHAIRMAN SELLS SOUL SUB-PENTHOUSE
“The restrictions of money coming from Asia has been happening for the last 18 months.
“We are now getting the effects of this on the marketplace.”
Forise paid $65 million for the 3494 sqm former Iluka tower property on The Esplanade in 2015 and later spent $40 million on basement works.
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Spirit was to be an 89-floor tower with a six-floor basement.
The luxury tower was to include a $41 million penthouse, restaurants and boutiques.
Forise intended the DBI-designed building to be a flagship project for the ambitious group as it set out to ‘expand to the world’.
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