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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