Aboud tests market

Billionaire courts developers for CBD site

CRYSTALBROOK Collection owner Ghassan Aboud has put one of his Cairns properties on the market as the city grapples with a fragile economy.

However, the company’s CEO, Geoff York, said the move wasn’t a signal they were looking to pull out of the Far North. The Syrian billionaire has built three luxury hotels in the Cairns CBD and owns a fourth major property in the city centre.

The 120-124 Grafton Street site was bought in 2017 for $6.5m.

CRYSTALBROOK Collection owner Ghassan Aboud has put one of his Cairns properties on the market as the city grapples with a fragile economy.

The Syrian billionaire has built three luxury hotels in the Cairns CBD with Riley open to tourists, only Bailey’s apartment tower functioning and Flynn’s grand opening pushed back to early 2021.

He also owns a fourth major property in the city centre, bought for strategic reasons in 2017 for $6.5m.

The 120-124 Grafton Street site is currently used as a council carpark with frontage extending all the way through to Lake Street.

There has been talk of using the 5000sq m property to build office blocks or a new CBD campus for CQUniversity but nothing has come to fruition.

Now the property has been listed with Knight Frank for expressions of interest for any developer looking to move in.

It had previously been quietly listed on CBRE’s books without any sale eventuating.

Crystalbrook Collection chief executive Geoff York said the company was “not actively selling” but wanted to test the waters.

“Let’s see if we get any bites,” he said. “Nothing has dramatically changed.”

Mr York said the potential sale in no way signalled Mr Aboud’s intention to pull out of Far North Queensland.

“That’s not the case at all. It’s just surplus to our needs at the moment,” he said.

“If there was an interested party, we would entertain offers.

“And if we come up with a development opportunity, it’s possible we would keep it and do it.

“But in these times, it’s a bit difficult.”

Crystalbrook Collection and its management are resolute on staying on in Cairns.

“We’ve got half a billion dollars in assets tied up across three hotels, let alone the Port Douglas marina, let alone the cattle station,” Mr York said.