Cinema plan after Surfers Piazza deal

Prior to the GFC the Raptis Group unveiled plans for a 63level tower on the 1.02ha site, only to lose control of the property in late 2008.

Some of the investors in the new ownership group were involved earlier this year in the $16.95 million purchase of a group of five highway-front shops across the road from the Piazza on the southern side of Elkhorn Ave.

Michael Parisi, a director of Raine and Horne Commercial Gold Coast, said the Piazza syndicate, operating through company X Galaxy, would revitalise and retain the property.

Mr Parisi, who handled the sale with RM Realty’s Ray Maddock, said the syndicate had been looking at the centre since September.

“The syndicate’s investors want to return the Piazza to the golden days when it was viewed as a premier centre in the heart of Surfers. Among the balls that are in the air – and this one is seriously in the air – is including a cinema centre and other integrated entertainment.”

Surfers Paradise lost its only multi-screen cinema centre when the former Hoyts building was sold in 1995.

Mr Parisi said strong negotiations already were under way with several businesses interested in going into the Piazza.

“There won’t be any shortterm leasing – the leases will be for 10 years with five-year options.”

Mr Parisi said Raine and Horne Commercial had been appointed as leasing and managing agent but the Piazza also was ‘an open book’ for other leasing agents.

The centre has net income of around $1.1 million, giving the syndicate an initial yield of 5 per cent.