Curious development in Pacific Point ‘sale’
THE tale of Honkers billionaire Tony Fung’s Aquis group and Surfers Paradise apartment tower Pacific Point has become a rather curious one.
Back in May the Pacific Point site quietly was advertised for sale via international group Savills.
There was no explanation as to why the site, approved for a 480-room hotel, was being marketed.
The move to sell it was reported in the Bulletin, a report that drew no comment from Savills or Aquis.
Late last month, when an On the QT column mentioned the sale effort, a rebuff arrived from the Aquis camp.
“The land has never been for sale and never has been (in the way you think),” was the message.
“Please stop reporting otherwise.”
When a copy of the Savills advertisement was sent to the Aquis executive who sent the message, the reply was: ‘It will be pulled down tomorrow. This is not to be put in the media’.”
(The advertisement was pulled down, as was an article on The Hotel Conversation website quoting Savills agents handling the Pacific Point marketing).
The Aquis executive went on to say that the Savills campaign was intended to find a junior equity partner, not to sell the land.
“Sure everything is for sale at a price but we don’t want to sell PP (Pacific Point).”
The Savills marketing blurb about an ‘approved beachfront development site – Surfers Paradise’, was quite specific – it was for sale, and with vacant possession.
Savills said what was being offered was ”an opportunity to acquire 1682sq m of prime beachfront development land in the heart of the Gold Coast”.
Mention was made of the luxury hotel scheme that had been approved for the site and that alternative plans had been drawn up for a smaller hotel and residences scheme.
Pacific Point is the third Aquis holding in Surfers Paradise to be advertised this year.
The penthouse in the beachfront Soul tower, bought for $7 million at auction in 2015, was put on the market in February at $7.95 million.
In April the whole city block that houses the Vomitron and Bungee Rocket rides was offered to buyers.
It’s held through Aquis Hotel Investment Holdings, owned by Aquis and Chinese groups CCCC International Holding and Tandellen.
The Fung camp and CCCC International, back in 2015, had a deal to buy the beachfront Sheraton Mirage as a potential casino site but it did not go ahead.
An option on the elderly International Beach Resort (originally the Apollo) was not exercised.
There have been suggestions that Aquis boss Tony is cashing in his Surfers chips to concentrate on his thoroughbred horse-breeding activities. The owner of former billionaire Nathan Tinkler’s one-time Patinak Farm property at Canungra apparently regards such breeding as no play-thing but rather a genuine moneymaker.