city pacific – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 18 Apr 2010 23:55:48 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png city pacific – realestatesource https://www.realestatesource.com.au 32 32 Offshore Investor Pays $80 Million For Surfers Paradise Supersite https://www.realestatesource.com.au/offshore-investor-pays-80-million-for-surfers-paradise-supersite/ Wed, 26 Aug 2009 12:50:35 +0000 http://realestatesource.com.au/wordpress/offshore-investor-pays-80-million-for-surfers-paradise-supersite.html 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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Other prospective buyers according to the AFR include Harry Triguboff’s Meriton Group from Sydney, and Gold Coast-based developer Sunland. CB Richard Ellis agents Mark Witheriff and McVay Real Estate’s Dan McVay marketed the property.

]]> Marketing Commences of $100 Million Braeside Industrial Estate https://www.realestatesource.com.au/marketing-commences-of-100-million-braeside-industrial-estate/ Sun, 18 Apr 2010 23:55:48 +0000 http://realestatesource.com.au/wordpress/marketing-commences-of-100-million-braeside-industrial-estate.html 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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Charles Cini, director of agency CVA Property Consultants and asset management services company Encapsa, is managing the planning, construction and marketing of the first stage of the Braeside development, near the industrial hotspot of Dandenong.

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