Premium Income Fund – realestatesource https://www.realestatesource.com.au Commercial and residential property news Tue, 17 Nov 2009 11:46:16 +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 Premium Income Fund – realestatesource https://www.realestatesource.com.au 32 32 PIF Reaps $38 Million From City Beach Development, Wollongong https://www.realestatesource.com.au/pif-reaps-38-million-from-city-beach-development-wollongong/ Tue, 17 Nov 2009 11:46:16 +0000 http://realestatesource.com.au/wordpress/pif-reaps-38-million-from-city-beach-development-wollongong.html 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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Other PIF assets include the Koralbyn Resort and Hotel in Queeensland, and a 144-room resort in Creswick near Ballarat in Victoria, according to the AFR.

It also owns a prominent site on Main Beach in the Gold Coast once controlled by developer Jim Raptis.

PIF spokeswoman Jenny Hutson said “there is nothing in the portfolio that we are not happy to sell at the right price.”

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