Gold Coast property: Alan Ali offloads Surfers Paradise block for $30m

Alan Ali a no-nonsense Melbourne investor who has scored big property wins on the Gold Coast, has sold his Hyundai.

ALAN ALI, a no-nonsense Melbourne investor who has scored big property wins on the Gold Coast, has sold his Hyundai.

No, it’s not a Korean car but a whole city block bought from the Korean carmaker seven years ago for $21 million.

The low-profile Alan, whose wealth appears to have been built on kitchen goods and toys, has cemented a deal to sell the 1.148ha site to David Wang’s SPG group and Tim Gordon’s Gordoncorp.

They are believed to be paying close to $30 million, a figure that puts Alan well ahead on his investment in the long-time home of the King Tutts putt putt business.

William O'Dwyer’s Ralan Group had contracted to buy the Ali site, aborted the purchase, and Ali kept the $3.95m deposit.

That gain is only half the story – he was in front prior to the deal.

Back in 2016, Sydney developer William O’Dwyer’s Ralan group contracted to buy the property for $39.5 million, aborted the purchase, and Alan kept the $3.95 million deposit.

The Ali site, which spans 1.14ha and sits between Ferny Ave and the Gold Coast Hwy, is approved for twin DBI-designed towers with 715 apartments and a large retail area.

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The SPG-Gordoncorp camp is believed to be working on a new proposal, one that also might have a major retail component.

It won’t be the only ambitious new project in the area.

Tim Gurner, in tandem with funder Wingate, is planning a $600 million multi-tower development on an ex-Ralan block on the southern side of Ferny Ave.

Melbourne go-getter Tim Gurner, in tandem with funder Wingate, is planning a $600 million multi-tower development on an ex-Ralan block on the southern side of Ferny Ave and intends incorporating a hotel and a retail area.

That project, in tandem with the Ali site redevelopment and Harry Triguboff’s 76-level Ocean tower, could draw some of the visitor focus away from the nightclub zone that is central Surfers.

David Wang, whose SPG group opened the Peninsula Hotel in Shanghai 12 years ago, is a partner in the 386-title Cambridge Residences at Robina.

Tim Gordon, who has been on the Gold Coast property scene for more than 30 years, latterly has focused on industrial land and apparently aspired to have a role in developing the ex-Ralan site before the Gurner arrival.

Mark Witheriff from CBRE will get a ‘feed’ out of the sale. Pics Adam Head

The sale of the Hyundai site appears to have ended an Ali foray into major Gold Coast sites that started as the GFC was easing.

The 61-year-old Beirut-born Alan bought tired beachfront Surfers mid-rise building Pacific Towers from receivers for $6.6 million in 2011 and later sold it for $12.9 million.

In 2012 Alan bought a waterfront Runaway Bay development site from receivers for $2.25 million, gained approval for apartments, and flicked it to a Chinese party for $5.72 million.

The Ali family amalgamated what was known as the Thrifty site on the southern side of Surfers at a cost of $10.7 million and sold it in 2016 for $25 million.

Family members have since bought two apartments in Cunningham Court, a building beside the Thrifty site.

Meanwhile, the sale of the Hyundai land has given the agent that last year offered it to the international market, First National Surfers Paradise’s Russell Rollington, a tidy boost to his 2021 earnings.

CBRE’s Mark Witheriff apparently also will get a ‘feed’ out of the sale.

The deal’s also resulted in Eastview Australia’s Graham Goldman revisiting the site — he worked on Hyundai’s plans in 2009 and is back with SPG and Gordoncorp.