Melbourne investor buying Gold Coast’s Palazzo Versace
Shakespeare Property Group, which with a sister company, Prime Value Asset Management, is led by Melbourne based investor Yak Yong Quek, is speculated to be paying $114 million for the Gold Coast’s five star Palazzo Versace complex.
Believed to have been brokered by JLL Hotel & Hospitality’s Adam Burbury who, with a Shakespeare representative, declined to comment yesterday, the deal would be the latest Queensland guesthouse for the businessman’s outfits, which in Cairns includes the Pullman International and Novotel Oasis.
In May, 2020, during the first national COVID lockdown, a volatile time in the commercial property sector, the SPG arm paid $62.15m for Flight Centre’s 436 St Kilda Road headquarters.
Elsewhere in that street, at the south east corner of High, that division recently completed a multi-building apartment complex, St Boulevard.
Palazzo Versace trades again
Constructed on the Fisherman’s Wharf site at Main Beach in 2000, the hotel includes 200 suites, a 600 seat ballroom, restaurants and retail including a Versace outlet.
Sunland approached the Italy based House of Versace with the concept in 1997; it sold the asset to Chinese consortium Dong Run Group 15 years later for $68.5m (story continues below).
Guests have included Beyonce, Paris Hilton, Jennifer Lopez, Rod Stewart and U2.
The sale includes management of a strata plan with 72 private apartment owners as members.
The deal comes a year since another Melbourne investor, Fridcorp, with Piety Group, acquired the InterContinental Double Bay, where George Bush, Bill Clinton, Princes Diana, Elton John, Madonna and Michael Hutchence have stayed, for c$180m.
Shakespeare and Prime combined hold assets worth about $1 billion including commercial property and cash.
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