PIF Reaps $38 Million From City Beach Development, Wollongong

WollongongTHE Premium Income Fund has reaped $38 million from the sale of a partially completed hotel and apartment complex south of Sydney.

Harbour Street Developments, controlled by Queensland developer George Callianiotis and Rockhampton retailer Solly Stanton, have reportedly agreed to purchase the City Beach development, south of Wollongong, which includes 168 hotel rooms, 75 apartments and 10 penthouses.

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