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Gay Group Buys Remainder of $450 Million Gold Coast Project, off Macquarie

THE Gay Group of Companies has paid development partner Macquarie Group and Urban Pacific an undisclosed sum for its remaining interest in a $450 million Gold Coast residential development.

The Gay Group and Macquarie consortium were marketing the final blocks within its River Links project in Coomera, a 500+ block residential village under construction on what was once a dairy farm. The developers purchased the farm in 1998. The Gay Group will now resume full control of the project.

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Stockland Pays $22 Million For Three Retirement Villages

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STOCKLAND has paid $22 million for three retirement villages.

The complexes were offloaded by Retirement Villages Group (RVG)), a struggling unlisted retirement fund run by the FKP Property Group and Macquarie Bank.

The portfolio acquisition adds 376 to the number of independent units offered by Stockland. Combined with serviced apartments, it now manages a total of 7403 dwellings.
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Government Closes EOI For Prominent Gold Coast Site, Again

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AFTER shelving plans to redevelop the prominent site three years ago, the Queensland government is offering a Gold Coast property to the public again.

The property is known as the Gold Coast Marine Development site, and is between tourist meccas Seaworld, and the Palazzo Versace Hotel.

It has been earmarked to become a tourist attraction, however attempts to tender the site was met with lukewarm reaction in 2007, and formally shelved in June 2010.

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Gold Coast Residential Values Continues to go Backwards

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GOLD Coast nightclub owner Jamie Pickering is reported to have paid $2.5 million for a penthouse in the Circle on Cavill building.

The price is a sharp drop from the $5.95 million another investor paid developer Sunland for the flat, off the plan.

The result vindicates researchers who report some Gold Coast values have collapsed by more than 50 per cent since the economic downturn took hold in 2008. Some agencies report clearance rates as low as 10 per cent.

That said, a four bedroom waterfront home at Paradise Waters sold for $4.8 million. However that price was far less than the $5.8 million another investor paid for it, in 2005.

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Struggling Gold Coast Market to be Tested at Portfolio Auction

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SOME 10 per cent of properties scheduled for auction on the Gold Coast on January 28 will be mortgagee in possession sales.

All up 150 properties will be auctioned at the Ray White Surfers Paradise auction weekend, now into its 18th year.

The portfolio campaign includes 20 per cent more properties than scheduled, and will expand to include luxury boats for the first time.

Values for Gold Coast properties have fallen 50 per cent since 2008, because of a fall in tourism, and the collapse of high profile projects.

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Redcape Hopes to Recover $24 Million From Pub Sales

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ASX listed Redcape Property Group will sell two large pubs including the Kirra Beach Hotel in the Gold Coast, and the Lakeview Hotel in Illawarra, in New South Wales.

Redcape, the new name for the Hedley Leisure & Gaming Property Fund, is expected to make about $24 million from the sales.

Recently Redcaoe offloaded the Mountain Creek Tavern at Mountain Creek on the Sunshine Coast for $7.25 million, and the Wattle Grove Hotel in Sydney’s Wattle Grove (for $8.6 million).
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Budget Holiday Makers Drive Demand for Caravan Park Accommodation

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BUDGET holiday makers are driving a surge in occupancy for humble caravan park accommodation – and many are staying for longer than they have in the past.

A change in the facilities offered by some caravan parks – including pools, playgrounds and tennis courts – has also contributed to the newfound buoyancy.

But so too has a lack of supply – caused by some caravan parks selling to developers, who exploit their often spectacular locations with apartments and commercial facilities.

Australian Bureau of Statistics tourism data showed occupancy levels in Queensland’s caravan parks increased substantially in the year to September 2009, the most recent figures available.
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