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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Marketing Commences of $100 Million Braeside Industrial Estate

BALMAIN Trilogy, the new manager for the embattled Pacific First Mortgage Fund and City Pacific, has seized control of a $100 million industrial development in Melbourne’s outer south-east.

Construction of the first industrial warehouses on the 30-hectare parcel in Braeside, should now start within months.

Balmain has released 33 blocks in the first land subdivision covering 5.7 hectares.

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