Thakral signs agreement to purchase development site at Budds Beach, Gold Coast

Thakral signs agreement to purchase development site at Budds Beach, Gold Coast

13-Sep-2007

Thakral Holdings Group (Thakral) today announced that it has exchanged an agreement to acquire an 11,800 square metre site at Budds Beach in Surfers Paradise on the Gold Coast for $32.5 million from ORIX Australia (Gold Coast Developments) Pty Ltd, a wholly owned subsidiary of Japan-based financial services company ORIX Corporation.

The land is one of the central Gold Coast’s last remaining vacant sites and occupies a whole block bounded by the Gold Coast Highway, Norfolk Avenue, Pine Avenue and Oak Avenue.

Thakral plans to build a luxury residential development aimed at mainly the owner-occupier market. The development will consist of two 30-storey towers surrounded by large landscaped gardens and will offer views of both the river and coastline.

Commenting on the acquisition, Thakral’s Managing Director, John Hudson, said:

“The Gold Coast continues to be a buoyant market for high-quality developments. We believe the new Budds Beach site is perfectly positioned to capitalise on the area’s growth fuelled by the continued influx of people wishing to live and work in the area.

“We believe Budds Beach has the potential to become one of the premier locations on the Gold Coast, similar to Main Beach and Broadbeach. The site is an island with an area large enough to create something special.”

Andrew King, Managing Director of DTZ Australia acted as agent for the Budds Beach property deal.

Please provide us with your confirmation of release announcement.

Yours faithfully

 
Andrew Horne
Group Company Secretary

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