Raptis boutique Gold Coast site in receivership listing
A Main Beach, Gold Coast development site with approval for a 17-storey residential tower has been re-listed, this time by Colliers International. Offers are due by October 12.
Midwaters, a 1,232-square-metres property at 3496 Main Beach Parade, was to be the site of a $48 million tower by veteran development group Raptis.
Raptis is credited with changing the face of the Gold Coast skyline as we know it.
Expressions of interest are being sought by Colliers agents Stephen Kidd and James Taylor, who are acting under instructions from the mortgagee Wellington Capital.
The 12 units in the 1970s block were consolidated in 2007 at a cost of $10 million.
Development approval has been in place since June 2008 for a 16-apartment tower with a ground-floor apartment, four half-floor apartments, 10-full floor apartments and a three-storey penthouse apartment.
Most apartments would have beach and river views along with the Surfers Paradise skyline.
“Raptis had spent a long time amalgamating this site knowing that it was special and could never be repeated due to its location and having water on both sides,” Kidd notes.
“Despite recent turmoil in the local market, demand for development sites is returning as the city remains one of the fastest-growing local government areas in Australia with a population of 515,000 and growing,” Kidd suggests.
“There currently are no other sites in Main Beach that are approved for a high rise.
“While the Gold Coast has experienced a recent influx of new high-end quality apartments with the completion of Oracle, the Hilton and Soul, the demand for such stock in a small boutique-style building is still relatively strong.”
The Raptis Group collapsed in late 2008 after its banks called in the receivers.
