Ralan Group's Surfers Paradise site goes on sale
Written on the 4 November 2019 by David Simmons
Following the collapse of NSW-based property developer Ralan Group in late-July one of the defunct group's major Gold Coast development sites has been put up for sale.
That site, named The Sapphire development, is now on the market, with vendor Frank Knight making the best out of a bad situation for Ralan. The Sapphire development was one part of Ralan's 'Ruby Collection', of which only the Ruby Apartments was constructed.
The site is comprised of an entire city block at Budds Beach on the north end of Surfers Paradise.
Some lots on the site are vacant, while others are comprised of various single-level and double-level dwellings, and a super-lot fronting Ferny Avenue.
The real estate group says the opportunity presented to buyers is unique, in that it gives potential buyers plenty of options in terms of what exactly they want out of the land.
Interested buyers can scoop up the entire block, presenting a major opportunity for a developer interested in building a high-rise on the Ralan Group land.
Alternatively, interested parties can buy one, or multiple, of the existing beach houses on the block, or buy the vacant land for the construction of new homes or apartments.
"This is a truly unique and diverse opportunity - there is no similar offering in the marketplace - and we urge all parties to consider participating in submitting an offer," says joint head of Knight Frank Gold Coast Mark Witheriff.
"The intent of this offering is to provide a broad range of opportunities within the city block and recognise both the immediate development potential of the various properties and its highly desirable liveable location."
Witheriff anticipates that interest in the site will come from all angles, from property developers to individual owners looking for a slice of the Gold Coast beach-house lifestyle.
"Buyers from all along the East Coast of Australia recognise the rapidly diminishing opportunity to acquire well located property and in close proximity to ocean front and high grade amenity and services," says Witheriff.
"There is no shortage of people who want to live in Budds Beach, so we anticipate we will be fielding strong enquiry from a diverse range of potential buyers throughout the campaign."
Ralan Group left a development pipeline of over 3,000 residential units and accommodation assets of over 600 rooms in the lurch at the time of its collapse, and was in the process of a key build in Arnchliffe called The Orchid.
At the time of its collapse administrators Grant Thornton said Ralan Group owed around $500 million to creditors.
Grant Thorton announced in September that it was offloading Ralan Group's crown jewel Ruby Apartments.
Ruby Apartments, a 30-level apartment complex in Surfers Paradise completed less than a year ago, was one of several developments that was left in the lurch by the Sydney-based company's downfall.
The completed apartment was just one of a planned 'Ruby Collection' that was never finished by Ralan before it fell into receivership. The complete Ruby Collection was to include the 30-level Ruby Apartments plus a further three towers.
Business News Australia
Author: David Simmons