Timeshare out of time?

One of the Gold Coast’s oldest timeshare resorts is about to be sold off and demolished.

The Surfers ¬Royale – a 30 year old beachfront Northcliffe Terrace tower – is about to be put on the market and the timeshare scheme wound up. The 14-storey Surfers ¬Royale was built by Gold Coast developer Ron McMaster but is well past its used by date – it does not even have air conditioning. The 2251m² site right on the beachside of Surfers Paradise with the land potentially worth in excess of $20 million.

Timeshare owners who hold shares in Surfers Royale Ltd will get their money back if a price of $7.3 million is achieved, and share everything above $7.3 million.

The resort has been managed by Classic Holidays, with 43 fully self-contained apartments.

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