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Cira International sells vacant land at Surfers Paradise


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Contact:  Karina Randall
Corporate Affairs & Communications
Mobile: 0414 823 712
Tel: +61 (0) 2 9322 3778

In a major vote of confidence of the Gold Coast development market, the Receivers of Cira International, Nicholas Harwood and John Greig, have accepted an unconditional offer to sell the GCI North land at Ferny Avenue, Surfers Paradise.

John Greig and Nicholas Harwood were appointed Receivers of Cira International on 21 November 2009 to sell the undeveloped block of land measuring approx. 11,500sqm. They appointed Mark Witheriff of CBRE and Dan McVay of McVay Real Estate as agents to manage the sales process.

Mr Harwood said he was delighted with the sale price, and felt that it represented a very good outcome in the current market circumstances. “As you would expect with a prime Surfers Paradise CBD block with high rise zoning, it attracted significant interest across a wide range of development sectors”, says Mr Harwood.

Mr Witheriff of CBRE said, “We received several offers including a number of opportunistic purchasers trying to buy it at aggressive prices, but at the end of the day, we had several proposals which we were able to give consideration to before accepting this contract”.

Mr McVay of McVay Real Estate said, “With the level of interest shown and the price that has been achieved, it clearly suggests that there is a market for the right property in this marketplace and we are starting to see new capital entering into the market from both Australian and Asian groups that have been absent since the early 90’s.

Mr Harwood went on to say that the purchaser and price is subject to a confidentiality agreement but concluded that settlement was due later this year.

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