Hong Kong billionaire Tony Fung to sell $24 million Surfers Paradise site
Interstate and Gold Coast developers are to be targeted in a fresh campaign to sell a Surfers Paradise site. READ THE FULL REPORT
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INTERSTATE and Gold Coast developers are to be targeted in a fresh campaign by Hong Kong billionaire Tony Fung to sell a Surfers Paradise site approved for a 580-room hotel.
The 1682sq m beachfront site at 3464-3468 Main Beach Pde is home to the 10-level Pacific Point apartment building and an adjoining tri-storey duplex.
It was amalgamated by Mr Fung’s Aquis Group at a cost of $24 million.
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In 2016 Mr Fung launched plans for a $440 million hotel overlooking Main Beach with five-world-class restaurants, more than 500 rooms and a wraparound pool with ocean views sitting above a glass-encased podium.
However the project did not get off the ground and in 2018 the site was quietly listed the site for sale.
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The new campaign to sell the site, which has more than 70 metres of beach frontage, is being headed up by James Holland, Brendan Hogan and Gus Moors of Colliers International.
Mr Holland said developers, both interstate and Gold Coast, are hunting actively hunting for beachfront opportunities on the Gold Coast.
“There are extremely limited beachfront development sites of this scale remaining under single
ownership on the Gold Coast,” Mr Holland said.
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“The beachfront apartment market continues to go from strength to strength and we are seeing a significant increase in demand for premium beachfront apartments.”
Mr Holland said international buyers are also being targeted in the campaign, however it was more likely to be sold to an Australian developer.
Mr Moors, head of hotels for Colliers, said the Gold Coast is well placed to benefit from an expected surge in people heading to regional holiday destinations when border restrictions are lifted.
Mr Hogan said interest is expected to come from developers, particularly those in the hotel sectors, as well as investors seeing an opportunity to land bank the site.
“We are seeing an increasing trend of new entrants into the southeast Queensland market who are looking for ‘high quality sites’ given the lifestyle and affordability benefits as well as the positive economic and population growth outlook, so this site would certainly appeal to these prospective buyers.”
The current approval is for a Woods Bagot-designed resort development with 580 hotel rooms across 50 levels.
An expressions-of-interest campaign ends on October 28.
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