Balmain Sells Surfers Paradise Development Site at Huge Loss
CB Richard Ellis agents Mark Witheriff and McVay Real Estate’s Will McVay marketed the property, which is opposite a new luxury development, Allure, which the AFR reports had many units sold for half of their original asking prices.
Balmain is reportedly in negotiations to sell another site at Labrador for about $7.5 million, or half the $15 million it was previously valued. Balmain is seeking to reconfigure the permit to increase the appeal of the site.
The economic downturn, coupled with recent natural disasters, have damaged interest in Queensland by both investors and visitors.
