Developments

Southport Central rights on the market

Management rights for Southport Central on the Gold Coast is up for sale more than five years after the Raptis Group’s demise.

Ray White Hotels has announced a four-week expressions-of-interest campaign for the Southport project’s assets. With 513 apartments in the letting pool the deal is likely to be one of the biggest ever done on the Gold Coast – the sale price believed to be in the region of $8-$10 million.

Finance broker Steve Burton, of PCS Finance, said, “This has been a long time coming.” Mr Burton said the inquiry rate for management rights had increased tenfold from the year before.

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