BETWEEN DOC AND A HARD PLACE
Billionaire makes play for white knight’s oldies tower
ONE of the city’s best landlords, Dr John Knight (right) is facing a $17 million dilemma. A company with links to Hong Kong billionaire Tony Fung has offered $48 million for the Equinox Sun Resort tower in Surfers Paradise so it can treble the size of a site which has approval for a six-star hotel. It would also mean pensioners that pay heavily discounted rents in 37 units owned by Dr Knight’s Med-Aid Centre Foundation would have to be relocated. Either way, Dr Knight, also known as Dr James Wright, says he will continue to look after them.
PENSIONERS’ pal Dr John Knight is facing a $17 million dilemma.
A $48 million offer has been made for the Equinox Sun Resort tower in Surfers Paradise by a company with links to Hong Kong billionaire Tony Fung.
The offer, if successful, would more than treble the size of a site on which Mr Fung’s Aquis Australia has approval for a six-star hotel.
The Equinox building includes 37 units owned by Dr Knight’s Med-Aid Centre Foundation which are occupied by seniors paying heavily discounted rents.
The Foundation could provide accomodation for many more needy pensioners if they cash in, but face having to move their existing Equinox clients.
David Knight, who runs Medi-Aid with his father, yesterday said the foundation was considering its position over the Equinox offer.
“As always, our priority remains the health and wellbeing of the elderly people we accommodate,” he said.
The 37 Equinox units are among more than 200 Surfers apartments owned by the Medi-Aid group housing more than 260 pensioners.
Dr Knight – also known as former TV doctor James Wright – and Med-Aid have been buying Surfers apartments for two decades.
Medi-Aid first became an Equinox owner in 2001 and has bought its apartments at between $110,000 and $400,000.
The $400,000 buy, made last year, is the highest price paid by any existing owner.
All up, the Knight camp has spent just over $9 million at Equinox, a sum which could become $17 million or more if a decision is made to sell.
The $48 million offer for Equinox is being made via company Landsec, which is based at Aquis’s Broadbeach Waters offices and in which Aquis real estate director Greg Benneworth is a director.
Under Queensland law the offer, which takes in the Equinox management rights, cannot succeed unless all owners accept it.
The offer comes as Equinox owners are facing heavy repair costs.
Mark Skelton, chairman of the body corporate, has told them that repairs could cost up to $1.15 million and that they could each have to pay at least $8000.
Alternatively, the body corporate could borrow the money and repay it by lifting levies.
Mr Skelton said an information night for owners would be held on August 3.
A renowned philanthropist and 2017 NSW Senior Australian Of The Year, Dr Wright said if Equinox was sold and redeveloped, it wouldn’t be the first time Medi-Aid had relocated residents.
He said a large group of people housed by Medi-Aid in Sydney were successfully moved to alternative affordable accomodation after the sale of one of its properties there.
Dr Knight said the foundation would use any proceeds from any potential Equinox sale to help boost the number of struggling seniors it provides affordable housing for in Surfers Paradise.
“The proceeds would be used to assist as many seniors who are experiencing financial hardship as we can by purchasing more Gold Coast units,” he said.
Medi-Aid was founded in 1971 by Dr Wright and his late wife Noreen Knight to help elderly people who’ve hit hard times.
The public benevolent institution has since grown into a multimillion-dollar enterprise, with succession planning to ensure its good work continues for generations to come.
Seniors in need of housing assistance can contact MediAid Centre Foundation via Ocean Blue Realty on (07) 5570 2604.
DOCTOR John Knight is not the only white knight helping the vulnerable.
The story today of Shaz Noy’s crusade to spend $450 a week and feed the homeless is further testament of the good work being done in the community.
Remember it when you are cut off on the road or hindered by a poor act.
The work of the good samaritans in this world corrects those ills and restores faith in humanity.