Deals nail St Tropez
The Sands will be the only object in the way of connecting the amalgamated site to the beach
WHAT is shaping up as one of the bigger property games in town could be approaching the finishing line in the heart of Surfers Paradise.
Buyers, unsurprisingly understood to be Chinese, appear to be on the verge of amalgamating St Tropez, near 40-year-old Mediterraneanstyle buildings in Orchid Ave that house apartments, shops and offices.
Success there, which would deliver control of a handsome 4434sq m site, might be only part of the “game”.
There are suggestions that there might be a connection between the St Tropez exercise and the purchase of a nearby 433sq m property on The Esplanade for $6.55 million at auction four weeks ago.
The fellow who lodged the winning bid is involved in the St Tropez exercise.
The Esplanade site, which has a lowrise “house” on it, is separated from St Tropez by a slice of The Sands apartments land.
One property watcher suggests that the only way to connect St Tropez to The Esplanade site, and hence provide a route to the beach, is to buy either that slice or to buy The Sands in its entirety.
Given the lack of success others have had in trying to buy The Sands, taking that route might be a step too far. Those who have tried include the late Kerry Packer and our own rubber man, developer Jim Raptis, who built St Tropez in the late 70s.
The Sands, which has 99 titles, is on a 4000sq m site that abuts St Tropez’s northern and eastern sides and includes an Orchid Ave frontage.
The possibility of an amalgamation attempt was flagged in On the QT in March. Things apparently have progressed to the point that, according to one owner, contracts on all 88 titles, perhaps give or take one or two, could go unconditional by this Friday, with settlement likely on October 3.
Settlement could involve $60 million or more.
The prices being offered are what one hopeful recipient calls “top dollar” – he believes one-bedroom units are fetching $450,000 and two-bedders $700,000.
Possibly the biggest cheque is destined for 75-year-old fashion designer Carla Zampatti, who bought eight retail titles in St Tropez off-the-plan for $1.4 million in 1982.
She’s mooted to be in line for $12 million.
Other winners on the streetfront if the buyout goes ahead will be PRD-nationwide Surfers Paradise operators Colin and Sandra Scott.
The visible common link between The Esplanade “house” purchase and St Tropez is Jason Hague, a former Sunshine Coast council town planner.
His bid snared The Esplanade property and he’s the director of a company involved in the St Tropez foray.
One suggestion is that Jason might move to the Gold Coast to oversee the “running” of St Tropez until the day that the site might be redeveloped.
POSSIBLY THE BIGGEST CHEQUE IS DESTINED FOR 75-YEAR-OLD FASHION DESIGNER CARLA ZAMPATTI, WHO BOUGHT EIGHT RETAIL TITLES IN ST TROPEZ