EG sells Gold Coast’s Forum site
EG Funds has sold Surfers Paradise’s prominent Forum complex after deciding against replacing the site with two towers, of 72 and 56 storeys, with apartments and a hotel.
The 5256 square metre holding, an amalgamation of four low-rise properties including the Lido Arcade, Forum office and nightclub and retail, collected $35 million, sources say.
The buyer is a consortium of interstate and offshore private investors
The assets were offered in part or as a whole.
CBRE’s Mark Witheriff and Nick Kennedy with Colliers’ Steven King, Bede Blatchford and Brendan Hogan were the agents.
EG paid Cromwell $42m in 2010.
Forum portfolio
Covering 24-26 Orchard Avenue and 3173 Surfers Paradise Boulevard, marketed as the Forum site, the agents promoted the permit, issued in 2010 but, for 700 apartments and a 400-key hotel.
Alternatively, the incoming owner could propose something taller, they added, the land not being affected by a height restriction.
The Forum is the largest property, spreading 2612 sqm, with a five level office over retail and a night club – all up with 4929 sqm.
A parcel branded Paradise Avenue, covering 1462 sqm, contains a 2613 sqm two level office and retail building.
The Lido Arcade contains 805 sqm of retail on the ground floor. The two upper storeys include 20 apartments configured with one or two bedrooms. The site spreads 1182 sqm.
Also today we are reporting Taiwan’s billionaire Lin family was buying Surfers Paradise’s Paradise Centre and 408-key Novotel from Challenger and the Abu Dhabi Investment Authority.
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