Raptis Gold Coast development site sells

Jonathan ChancellorOctober 4, 2012

Midwaters, a 1,232-square-metres residential development site on Main Beach on the Gold Coast, has been sold.

The $5 million-plus sale through Mark Witheriff and Lachlan Harris of CBRE was a year after its listing through other agents. It was to be the site of a $48 million tower by veteran development group Raptis.

The property attracted interest from Chinese developers, with three buyers short-listed from the offers received. The buyers' identity has not been disclosed but is understood to be a south-east Queensland developer.

“We understand that the purchaser plans to proceed with the existing development application on the site,” Harris says.

The Midwaters site has development approvals in place for a 17-level apartment building configured for 16 apartments.

Raptis Group secured development approval for the site in 2008, and the approval is in place until 2014.

The property was placed on the market on behalf of funds manager Wellington Capital, which purchased all the shares in Octaviar Investment Management Limited, which was a lender to the Raptis Group.

The Midwaters site backs on to an arm of the Nerang River.

It currently has an ageing three-storey walk-up, known as Midwaters, that has lain dormant for years.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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