Developers circling the ageing Chateau
THE days could be numbered for Surfers Paradise tower Chateau Beachside, which is climbing toward its 50th year. A written offer has been made for the tower from what the Chateau’s body corporate calls “a reputable and wellknown developer”.
The body corporate’s hired a law firm to “liaise with the developer” and to work with the undisclosed party’s legal team to prepare a detailed information memorandum for owners.
The prize for the developer is the Chateau’s blue-chip 4047sq m corner site overlooking the ocean a block from Cavill Mall.
The journey to a deal, which probably would be a $60mplus one, might not be simple – it’s possible other developers might join the sales fray for the building, which has concrete issues.
It’s also emerged that some owners have yet to be approached to see if they’ll be sellers.
The focus on the Chateau, which at one time operated as a Quality Inns hotel, comes as there’s almost been a developer frenzy for Surfers Paradise sites, either beside the beach or across the road from it.
It’s resulted in old buildings such as Surfers Royale, Premiere, Anglesea Court, the Garfield and, potentially, The Shore and Pacific Point facing visits from demolition crews.
Sydney multi-billionaire developer Harry Triguboff already has knocked over the International Beach Resort (formerly the Apollo) and is doing the same to Bahia and Beach Lodge.
Cairns company Watkins Consolidated built the Chateau in 1972 and its 19 levels house 108 apartments, many dual-key.
There’s also a ground floor restaurant-bar, Sandbar, fronting The Esplanade and the lease on that includes a demolition clause.
Apartments in the tower, when it was first launched, could be bought for less than $50,000.
The bulk of the apartments are in a holiday-letting pool, but it appears, thanks to a 2019 agreement, any buyer of the tower won’t have to fork out a fat cheque to secure the management rights.
Several developers have mulled having a crack at the Chateau over the years.
Among names of possible Chateau aspirants to have popped up this time around is High Rise Harry, who has a new-found love affair with Surfers and is building the 76-floor Oceans hotel and apartment tower along from the Chateau.
He also has a site at the northern end of The Esplanade, home to Bahia and Beach Lodge, and is planning a further two towers.
On top of that, there’s speculation he’s looking for another Surfers site.
A Chateau buyout perhaps is simplified by there being owners with multiple apartments, including venerable Dr John Knight’s charitable Medi-Aid Centre Foundation, which bought into the building two decades ago.
The Chateau, meanwhile, is
what could be called a legacy of another era – it comes with a full-sized tennis court, something missing from the new breed of high-rises.
The building, if it “falls” to a developer, will be the second Watkins-built tower to leave the Surfers skyline.
The group also built the Iluka, which was bowled to make way for a Chinese supertower that never happened.