Tower site up for grabs
A BRISBANE investor who has gained approval for an apartment tower on the site of a Surfers Paradise backpacker motel he bought in 2015 is selling the property.
George Diakogeorge is to auction the 849sq m Surfers Paradise Blvd holding in the wake of efforts to sell it for $13.5 million failing to produce a sale. He bought the Sun & Surf Motel, along with an adjoining title that is home to four-unit low-rise Adel, for $4.2 million.
The two properties are at 3321 and 3323 Surfers Paradise Blvd and have run as a 96-bed backpacker facility. They were bought, with a three-year leaseback arrange-ment in place, in May 2015 from Chris and Barbara Bewley and family.
Mr Diakogeorge started marketing the property in June in the wake of three months earlier gaining approval for a 39-level tower, with three basement levels, on the site.
The building would have 120 apartments, a shop and a cafe.
The Sun & Surf holding is being marketed by Amir Mian of Prestige Property Agents. It is to be auctioned on September 30.