Soul, Surfers Paradise penthouse set for receivership auction
The four-level penthouse atop the Soul Surfers Paradise tower on the Gold Coast goes to McGrath Broadbeach auction this weekend - long after a $16.85 million off the plan deal failed to proceed.
The property qualifies for Foreign Investment Review Board (FIRB) approval.
The interior has been gutted to provide a blank canvas for the penthouse buyers with four levels starting on level 70 of the 288-unit Soul tower.
It has been listed on behalf of receivers PricewaterhouseCoopers (PwC) for 7 March auction through McGrath agents James Ledgerwood and John Natoli.
It comes when the management rights to the luxury 77-level Soul Surfers Paradise beachfront apartment tower are put to market for the first time, under instructions from Receivers and Managers at PwC.
Specialist accommodation property agency Resort Brokers Australia has been appointed to handle what could be a record-breaking sale through an international expressions of interest campaign to close on 13 April.
The management rights sale is under instructions from Receivers and Managers, Michael Fung, Derrick Vickers and Gregory Hall of PwC, who were appointed to companies associated with the Soul development in October 2012.
Included will be the management (holiday) letting rights and caretaking business and associated real estate covering reception and back offices, the two-hatted Seaduction restaurant, conference centre, storage space and maintenance, staff and housekeeping rooms.
Developed by the Juniper Group and completed in 2011, it was initially a Sea Temple resort with Accor Hotels. It has traded as Soul Surfers Paradise since November 2013 when Mantra Group was appointed to manage the property.
Resort Brokers Australia’s regional sales consultant Glenn Millar and senior broker Alex Cook will handle the EOI campaign, which is expected to attract widespread interest from both domestic and international contenders.
“Few apartments in the residential tower now remain unsold, giving stability to the letting business, and the letting pool has now grown to over 170 apartments,” Millar said.
“Given the scale of the operation and iconic nature of the property, Soul will be of significant interest to serviced apartment, hotel and timeshare operators, investment and private equity groups, large private management rights operators, and overseas investors.”
Designed by architects DBI Design and boasting a grand lobby with nine-metre high ceilings and a cantilevered marble staircase, Soul is Australia’s third tallest residential building.
The record for a management rights sale is believed to stand at $15.5 million paid by an investment syndicate in 2010 for the Turtle Beach holiday resort at Mermaid Beach.
McGrath commissioned three architecture firms — Blainey North, DBI and Bayden Goddard Design — to devise possible layouts for the penthouse.
“Having sold 14 penthouses over the past 20 years, and marketed several more, I have come to learn that the majority of penthouse buyers are generally successful people who have very individual taste and needs,’’ McGrath agent John Natoli advised local media.
Brisbane businessman Charlie Caltabiano purchased the penthouse in 2006 for $16.85 million, an Australian record for a penthouse at the time.
However the contract was terminated as the deal wisely didn't settle.
The Soul buyer bought the home just 24 hours after visiting the display centre back in boom time 2006.
It's over four levels and 987 square metres, including 160 square metre of rooftop deck atop the 77-level tower.
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