Devine selling Surfers Paradise site for $22m

Devine Group managing director David Devine is selling a high-profile McDonald’s outlet in Surfers Paradise’s Cavill Avenue.

The four storey building, #1, is understood to be trading to a consortium of private investors for about $22 million.

The vendor and his wife paid $13.1m five years ago.

A company spokesperson declined to comment, the AFR reports.

Last month, Mr Devine shelved plans for a $740m Brisbane CBD mixed use village.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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