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.

Read more