Tony Fung and Aquis puts six-star Pacific Point Gold Coast hotel development on the market

A SIX-STAR hotel development has been put up for sale as its well-known billionaire developer continues to withdraw from the Gold Coast.

Proposed Aquis Pacific Point in Surfers Paradise.

TONY Fung, Hong Kong billionaire and racehorse breeder, has stepped his Surfers Paradise sell-off pace up to a gallop by putting a beachfront site earmarked for a $440 million six-star hotel on the market.

The move to sell the Pacific Point site in Main Beach Pde comes as Mr Fung is seeking buyers for the penthouse in the beachfront Soul tower and for a part-owned full city block known as the Vomitron site, previously touted as a possible casino home.

Mr Fung’s Aquis group spent around $24 million assembling its hotel site, which takes in the 17-level Pacific Point apartment tower and two adjoining villas.

The project approved for the site at 3464-3466 Main Beach Parade.

No asking price has been put on the 1682 sqm site, which is being offered via an expressions of interest campaign run out of Sydney.

A year ago the 1682 sqm holding, which is directly across the road from the beach, was approved for Aquis Pacific Point, a 48-storey hotel with 480 hotel rooms, restaurants, and a ‘stunning’ rooftop pool area.

Aquis, which said a six-star hotel was well overdue on the Gold Coast, indicated construction could start later this year.

An artist’s impression of the proposed Pacific Point project.

The group’s real estate director, Greg Benneworth, said at the time of the approval that the new hotel was likely to be the first pure luxury one, without apartments, developed on the Gold Coast since the Marriott Surfers Paradise at the start of the 90s.

Neither Mr Benneworth nor marketing agent Michael Simpson, of Savills Sydney, could be contacted yesterday to explain why Aquis was looking to sell the site.

In February Mr Fung and two Chinese partners put the put the 1.05ha Vomitron site, which sits between Surfers Paradise Boulevard and Ferny Ave, on the market.

An entire city block at Surfers Paradise, 3 Cypress Ave, is for sale. Photo: Supplied

Days later Mr Fung listed the penthouse shell at Soul, bought for $7 million at auction in 2015, for sale at $7.95 million.

The reason given for that move was that, while on the Gold Coast, he was content to live on his boat, the Asteria, or at Aquis Farm, his 447ha racehorse breeding property at Canungra.

Expressions of interest in the Vomitron block have closed but are yet to produce a sale.

The four-level Soul penthouse remains on the market.

Tony Fung's Soul penthouse at Surfers Paradise is up for sale with a $7.95 million price tag.