$16m of ‘confidence’ Chinese group’s river deal
A CHINESE group which is mooting a twin-tower project in Surfers Paradise has paid $16 million for its near riverfront site, or nearly $10 million more than it fetched six years ago.
The property, opposite the Isle of Capri on Remembrance Drive, is approved for a tower with 289 apartments and has a chequered history.
Buyer Sunnyland Group wants to rework the approval to build towers of 48 and 36 storeys and with 653 units.
Sunnyland has bought its site from a company linked to Brisbane investor Brian Flannery, who bought it off receivers for $6.38m in 2011.
Brad Merkur, of Ray White Commercial, yesterday said Sunnyland had great confidence in the Gold Coast.
“That’s been inspired by the presence of major players such as Meriton’s Harry Triguboff and their fellow Chinese developers who are undertaking the Jewel and Spirit projects.”
Mr Merkur said Sunnyland already owned an office building in Melbourne, was planning Sydney projects, and would have no trouble funding the planned Surfers project.
The 5028 sqm Remembrance Drive property also fronts Enderley
River Tce.
Mr Merkur said a proposed reopening of the western end of Enderley Ave would dramatically improve access to the property and make it easier to develop.
The property was assembled in 2006 by a company linked to Tom Manassa at a cost of $13.9m and a 29-level Ave and tower, Reve, was proposed. Receivers moved on the Manasa company in 2008 and the land was put on the market.
A Korean group put it under contract, reworked the approval to allow a $170m tower with 289 units, and then in 2010 failed to settle the purchase.
Flannery company River Paradise bought it from receivers in March 2011.
Mr Flannery is no stranger to deals with Chinese buyers — he made $530m in 2009 when he sold his stake in coalminer Felix Resources to Yanzhou Coal for $530m.
The Flannery family owns beachfront titles in Garfield Tce, Surfers Paradise, and als owns the Kirra Beach Hotel.