The Minette: John Camilleri-linked company buys Aquis billionaire Tony Fung’s Surfers Paradise site

Hong Kong billionaire and Aquis boss Tony Fung has sold a giant Main Beach site where he had planned to build two towers – to a surprise high-profile figure. FIND OUT WHO

Hong Kong billionaire and Aquis boss Tony Fung has sold a giant Main Beach site where he had planned to build two towers – to a fellow horse racing titan.

Billionaire NSW businessman John Camilleri, the man who bred legendary mare Winx, has bought the Pacific Point site, with the final settlement yet to occur.

A sale prices has not been disclosed

Main Beach 3468 Pty Limited, a Hunters Hill-based company which the Fairway Thoroughbreds boss is the sole director of, has asked the Gold Coast City Council to extend the site’s development approval – allowing for two towers – by an additional four years.

Mr Camilleri, 64, did not respond to attempts by the Bulletin to contact him on Sunday.

A letter lodged with the council revealed the site’s future was being reviewed.

John Camilleri

“More recently, the subject site has been purchased by the Applicant for this extension application, with settlement due to complete following the lodgement of this application,” the letter reads.

“The applicant, as a new owner of the subject site, is presently reviewing the approved development to chart a path to its delivery.

“The applicant has considerable experience and demonstrable capability in property development, with this background we are aware that it will take some time for the new owner coming into the project to revisit the design in detail, review the suitability of the approved detailed design for meeting current market expectations, while also reviewing constructability considerations and engaging with builders for delivery of the development, which is challenging in the current climate.”

Artist impression of The Minette

Mr Fung began buying up the Pacific Point site in early 2016, amalgamating it at a cost of $24m.

In December that year Aquis announced plans to build a $440m hotel overlooking Main Beach with five-world-class restaurants, 500-plus rooms and a wraparound pool with ocean views sitting on a glass-encased podium.

But while approved by council in 2017, the project did not get off the ground and in 2018 the site was quietly listed for sale.

The sale was cancelled and the project turned into a residential project in late 2021 once the property market rebounded.

Billionaire Tony Fung Picture: Richard Gosling

In early 2022 Council approved Mr Fung’s new project, The Minnette, a 31 and 26-storey residential complex to capitalise on the booming property market.

The northern tower was to have just 30 full-floor residences plus a two-level penthouse while the southern tower was to feature 26 levels of two units per floor.

Aquis and its partner, Landsec planned to take the project to the market that year but it did not proceed.

Greg Benneworth, Landsec’s managing director, told the Bulletin at the time The Minnette would have a focus on “exotic, tropical architecture and secret gardens”.

“A key focus was to design expansive residences which each wrap around a central, landscaped courtyard that all overlooks the beach,” he said.