Developments

Skase resort back on the market

Pearls Australasia has placed the five-star Sheraton Mirage resort on the Gold Coast on the market.

The late Christopher Skase-developed resort was bought from receivers to Raptis Group companies by the Indian-backed Pearls Australasia for $62.5 million in 2009.

Pearls Australasia restored its five-star rating with a $26 million facelift of all 295 rooms and suites, the lobby, bar, restaurants and pool. In 2012, Pearls Australasia announced plans to add 300 rooms and a “table-only” boutique casino as part of a $60 million expansion.

It is expected to sell for at least double the $62.5 million paid in 2009.

The Sheraton Mirage will be marketed by McVay Real Estate and Knight Frank Gold Coast in an expressions of interest campaign which closes on September 19.

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