Raptis Group’s go ahead on tower
RAPTIS Group has started demolition works on a Broadbeach site where it plans to build a $220m tower in a bid to show it is “business as usual” for the company.
Despite the project’s development application still to be approved by council, the Raptis Group expects it will be given the green light before Christmas and so has started clearing the 1500sq m site at 6-8 George Ave ready to start construction in mid-January.
The move is a show of resilience from the veteran developer after the Federal Court froze $80m in assets linked to Jim Raptis and his family, as the Australian Tax Office chases more than $109.7m in alleged unpaid tax, penalties and interest.
Jim Raptis, returned as chairman of ASX-listed Raptis Group at its annual general meeting last week, has always maintained that the listed Raptis Group is unrelated to the “private family business interests”, which are at the centre of the court freeze order.
Mr Raptis’ family members are not accused of wrongdoing, criminal or otherwise.
A recent statement from a PR representative said Mr Raptis was “in productive discussions with the ATO”.
Raptis Group has stated under the order it can continue to develop, build and sell projects, which is why it is pushing ahead with the 40-storey tower, overlooking Kurrawa parklands and beach. The development is set to be released to the market in early-2022 and follows the sellout of its $95m The Gallery Residences project in nearby Surf Parade.
Company joint managing director Evan Raptis said: “There’s unrequited market demand for apartments with
premium lifestyle inclusions in Broadbeach.
“Over the past 18-24 months, Raptis secured a number of sites in the Broadbeach and Mermaid precinct in anticipation of the city’s surge in popularity as we exit the pandemic.
“Once demolition is complete at George Ave, we’ll have a blank canvas positioned in one of the city’s most soughtafter locations,” he said.
The as-yet unnamed project will include 130 of two and three-bedroom apartments, two sub-penthouses and a full-floor penthouse, designed by global architects Koichi Takada.
Its resident facilities will include a private dining room, boardrooms for remote working, and a lounge and theatre. Raptis is also constructing Pearl, Main Beach, which is due to be completed by December 2022.