Billionaire family buy landmark mall, hotel
Forest Endeavour, controlled by the billionaire Lin family, also owners of Shayher Group, has snapped up a landmark Surfers Paradise shopping centre and hotel.
The Taiwan based group is speculated to be paying $370 million for the Paradise Centre and Novotel.
The sellers were Challenger Life Company and the Abu Dhabi Investment Corporation which acquired the properties in two parts.
The retail component cost $162.5m from Centro just over 10 years ago.
In 2016, Hotel Grand Central sold the hotel, then known as the Hotel Grand Chancellor, for $80m.
They were listed three months ago separately or as a whole.
The deal comes seven months since we reported the two level Cavill Lane to Boston Global Group, co-owned by ex-Macquarie boss Bill Moss.
Not long earlier, Robert Kuok sold the Vibe Hotel Gold Coast and Surfers Pavilion retail and entertainment complex. Also this year, Alceon and Aktiv bought Coolangatta’s The Strand lifestyle complex from Vinta.
Today we are reporting EG Funds sold Surfers Paradise’s Forum site after deciding against replacing it with two skyscrapers (continues below).
Major Gold Coast deal
The amalgamated holding spreads 2.3 hectares with over 200 metres Cavill Avenue frontage.
The Paradise Centre, opposite Surfers Paradise Beach, contains 23,000 square metres with a Woolworths and hospitality precinct including the Surfers Paradise Tavern.
Another tenancy houses the world’s largest Timezone. There are also 490 car parks.
Challenger and ADIC recently spent c$40m on a refurbishment.
The Novotel, offered with optional vacant possession, contains 408 keys – two for double story penthouses – rated 4-star, conference facilities, tennis court and pool.
JLL’s Nick Willis and Sam Hatcher with McVay Real Estate’s Sam McVay and Dan McVay were the agents.
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