Offshore Investor Pays $80 Million For Surfers Paradise Supersite

AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.

The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.

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Balmain Sells Surfers Paradise Development Site at Huge Loss

BALMAIN Trilogy has reported a huge loss on the sale of a beachfront development site at Northcliffe Terrace, Surfers Paradise.

Balmain sold the site to a Sydney investor this month for about $6 million, far less than the $14.5 million it paid at a more buoyant time in Queensland’s real estate market.

The seven-storey 1980s complex, with 20 strata flats is on a 1151 square metre block, and sold with a permit for an 18-level tower with 14 dwellings.

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