#on hold: Iluka-60st/185m/res (central Surfers)

[CULWULLA]

thanks to deejyt for letting us know about this new one

From the G.C. Bulletin:
Iluka in Raptis's sights

Shannon Willoughby
22Sep07

AFTER months of speculation, Gold Coast development king Jim Raptis yesterday confirmed he was eyeing off the Surfers Paradise high rise Iluka.

The head of the listed Raptis Group said his company was in 'negotiations' with owners of the beachfront tower and it was his intention to buy them out.

The building has 80 units, most of them linked to Canberra's Eric Kondouris, via company Borrimbulla.

Businessman Billy James, a friend of Mr Raptis and operator of the Billy's Beach House entertainment venue at the base of the high rise, is linked to 13 of the units.

Sydney-based company, Worimi, holds 23 units.

Mr Raptis, who is listed as the city's top man in today's Gold Coast Bulletin Most Powerful 100 list, said he could not provide much information.

"Negotiations are ongoing and it's not possible to provide a specific timeframe at this point," said Mr Raptis, in a letter to the stock exchange.

"We will keep the market informed of any material progress in this matter."

The ASX announcement was made after a Gold Coast Bulletin Bizzy Bits article on rumours linking Mr Raptis to the property, which sits on a 3498sqm site.

The article also suggested his group was interested in The Sands and Chateau towers.

However, Mr Raptis said his company was not looking at buying either tower.

After the article, Raptis Group shares were placed in a trading halt, pending a company announcement.

Iluka -- part of the old Surfers Paradise skyline along with Kinkabool, Paradise Towers, Suntower, Garfield, Panorama Tower, Chateau, Allawah and Bahia -- was completed in 1971.

In the early 1990s, it underwent a refurbishment designed by DBI Design -- an architectural practice responsible for many landmark towers including the innovative Wave building at Broadbeach.

Mr Raptis said that, should the tower be acquired, he would look to refurbishing or redeveloping Iluka.

"The company will research the refurbishment and development opportunities for this property, anticipating a successful completion of these arrangements," he said.

The Raptis Group initiated the renaissance of Surfers Paradise with its three-tower Chevron Renaissance project and is poised to redevelop the Dolphin Arcade.

Chevron Renaissance, along with the Sunland Group's Circle on Cavill, have given the city's glitterstrip a much-needed boost.

The Raptis Group is dev-eloping the three-tower Southport Central and was responsible for Platinum on the Beach, a tower recognised for the highest resale values.

http://i175.photobucket.com/albums/w127/djt99/06-1.jpg

http://i175.photobucket.com/albums/w127/djt99/05-2.jpg

http://i175.photobucket.com/albums/w127/djt99/03-3.jpg

http://i175.photobucket.com/albums/w127/djt99/08-1.jpg

http://i175.photobucket.com/albums/w127/djt99/09.jpg

[how_good_is_he]

Looks great...any idea on height/floors and why wouldnt Raptis go higher to match Soul & Q1? Is this the max for the zone? What is Iluka at now?

[CULWULLA]

^i always put height/floors in thread title. ;-)
im pretty sure the reason why its at 60 floors is its maxed out with site FSR.its only a small site compared to Q1s or ConC.
Iluka is 17fl/53m. was one of tallest in 1971.
isnt it gorgeous
http://catalogue.goldcoast.qld.gov.au/uhtbin/hyperion_image.exe//LS-LSP-CD010-IMG0023-MR

[petronator]

i reckon he should just renovate illuka, i mean i personally wouldnt want another super tall tower shadowing over the surfers beach and neighboring apartment towers, one super tall on the esplanade is enough (that being Soul).

[Fabian]

I have commented in the main forum about the tower (which I like ) but the same time, they need to start thinking about preserving some of the older towers as reminders of the different phases of development on the Gold Coast. This is one of first highrises on the strip, and losing it, would mean a piece of history gone.

[OUTOFNOWHERE]

the only old tower worth perserving is the Focus building. it has a simple design that suits its location amongst the taller neighbours. Everything else should be renovated or torn down to make way for new towers.

[neilo63]

I wish we could have the best of both worlds. It really is a nice tower they are proposing yet at this rate the GC will be left with no sense of history at all. I have faith Raptis will do a good job no matter what they plan!!

[BrizzyChris]

Sleek.

[CULWULLA]

i agree some of the 60;s and 70;s higrise should be preserved but i dont think Iluka should.
as for shadows on beach, well its a slim tower and its the best solution for the site. i wouldnt worry about shadows on the beach. it would only be late afternoon and its better then the burning sun.

[Fabian]

I had a look at the views on the Illuka Beach Resort Website (http://www.ilukabeachresort.com.au/index.php) and it literally has uninterrupted views of entire stretch of beach. Views should be good.

Cul, why do you think that Illuka shouldn't be preserved. Which other buildings from the period are worth saving?

[CULWULLA]

it wasnt a radical design or anything special. there are a few from same period which are better examles. ie-Apollo, shore ect.

[how_good_is_he]

Infact most older buildings will be almost impossible to re-develop as most are strata titled and owned by many owners. Lucky Iluka wasn't. Not far is the President tower, there was talk of re-development - any news?

[CULWULLA]

^yes thats right. only old hotels or if you convince every owner to sell up.

[Redress]

unless they become derelict

[CULWULLA]

the height is now confirmed at 176.5m to LMR not 174m.
so also the fin will be included in height which looks maybe 185m?

[CULWULLA]

what did one seagull say to the other?
"hey mac, do you think the Iluka tower is approved yet"?
i dont know, but it should look good with Q1 rising behind it".

http://farm3.static.flickr.com/2038/2470794618_f6449204ab_b.jpg

[Macca-GC]

lol. I'd say Raptis will probably wait until after Southport Central and the Hilton before they start on Iluka

[MrTall]

From the Bulletin:

Luxury tower puts a new twist on SurfersGeoff Chambers

21May08

DEVELOPER king Jim Raptis has been given approval to knock down the Iluka Resort and replace it with a slick 57-storey luxury tower.

Mr Raptis is leading the charge to resurrect Surfers Paradise from a recent downturn and has promised to investigate a Hong Kong-style light show to add extra spark to the skyline.

Council's planning committee yesterday supported plans to build the $750 million 'twisted' tower resembling a sea shell design.

The development application includes 463 parking places, 351 apartments and two commercial levels.

Have your say on the feedback form below

Mr Raptis said the 17-storey 1970s era Iluka would be the first in a series of older buildings to come down.

A watering hole to replace Billy's Beach House is expected to be announced later.

"The site is a landmark and I commissioned the designers to replace it with another landmark and I think this design has delivered on that," said Mr Raptis.

Cr Peter Young successfully pushed for a probe into artistic lighting to be used for the Iluka site.

"In Hong Kong and other parts of China they have these incredible light shows at night which are amazing and I think that Surfers Paradise would benefit from this effect," he said.

Mr Raptis agreed that developers must continually adapt and adopt to complement the emergence of a new Surfers Paradise.

"I think that we should seriously look at what can be done with the light effects and anything that improves the precinct must be looked at," he said.

The Raptis Group plans to pump millions of dollars into the Surfers Paradise foreshore project.

This includes a giant underground water tank opposite the Iluka near the volleyball courts.

Collected water would used to keep the gardens in the new foreshore project green.

"I don't think that Surfers Paradise is a spent force. I think it is continually growing and is in a much better condition than it was 10 years ago and we're working to make sure we keep it on the right path," said Mr Raptis.

"The decision is good for Surfers Paradise and I think the new Iluka will complement Soul as the gateways into the heart of Surfers."

Cr Ted Shepherd said the new Iluka would also complement the Chevron Renaissance and Circle on Cavill buildings.

"Buildings of the '60s and '70s primarily concentrated on height. The current proposal, however, would turn the page on that focus," he said.

"Basically in Iluka and Soul we will have two landmark bookends to define and celebrate the central Surfers Paradise activity precinct."

The new entry to Iluka will be on the Trickett Street side to the south.

Despite concerns surrounding shadow and the adjoining Surfers International, which will lose its views, councillors strongly supported the new project.

The project includes a 504sqm penthouse, a luxury spa, high end restaurants and cafes, pool and medical centre.

The 36-year-old Iluka building, which sits on a 3498sqm site, will be taken down in pieces by machinery.

The inside will be gutted and then work will begin from the top.

"There won't be an implosion," said Mr Raptis. "We have to take into account health and safety factors."

The Raptis Group now boasts the twin-tower Hilton Surfers Paradise Hotel and Residences, the Gold Coast International Hotel and the Holiday Inn Surfers Paradise.

[CULWULLA]

excellent!!!
ta mrtall.

[BrizzyChris]

I wonder how many highrises will be ripped down in the coming years. Surely anything about 30 storeys would be too expensive?

[Bris05]

oh no whats going to happen too billy`s beach house!!! lol very sharpe design.

[petronator]

prob not many at all cos the others are strata titled and each apartment is owned by a different person. the illuka though was owned mainly by some dude who owned most of the apartments. billys beach house owner also owned some apparently.

[how_good_is_he]

Wonder if this will start before or after ana or gci sites?

[CULWULLA]

i have a feeling this will start first.

[Fabian]

Interesting how they arent actually going to demolish the tower, but just build on top of the gutted building.

I will be sad to see the old Illuka go, but then it's replacement will be reflective of the changing character of the strip. It will look nice slotted in between Q1 and Soul.

[CULWULLA]

^? Ilukas history.of course its getting demolished.

[MrTall]

^Are you sure about that? Surely they won't build the new one around the old one - doesn't make any sense.

[Fabian]

Citing the paper article

'The inside will be gutted and then work will begin from the top.'

[CULWULLA]

fabian, they are talking about the demolition of existing Iluka tower
quote-
The 36-year-old Iluka building, which sits on a 3498sqm site, will be taken down in pieces by machinery.

The inside will be gutted and then work will begin from the top.- end quote

[OUTOFNOWHERE]

http://i175.photobucket.com/albums/w127/djt99/06-1.jpg

http://i175.photobucket.com/albums/w127/djt99/05-2.jpg

http://i175.photobucket.com/albums/w127/djt99/03-3.jpg

http://i175.photobucket.com/albums/w127/djt99/08-1.jpg

http://i175.photobucket.com/albums/w127/djt99/09.jpg[/QUOTE]

that glass enclosed swimming pool is very similar to the one on top of Oxford Square in Sydney!

[OUTOFNOWHERE]

these buildings centered around Cavill Mall will be the best cluster of skyscrapers in OZ!!

[CULWULLA]

i agree
add the twin Hitlon towers in this pic
http://i175.photobucket.com/albums/w127/djt99/03-3.jpg

[TOCC]

hmm nice work, Q1 doesnt seem as tall when those towers are around it..

Man, i cant wait to visit Cavill in like 2 years when all the construction is finished, its going to be a complete change on the area.

[gho]

spectacular. Surfers is going to get quite a bit more glitzy. Those glass swimming pools are odd, I don't think i would swim in one, especially in busy surfers. One of the apartments in Southbank have one.

[nismo33]

fabian, they are talking about the demolition of existing Iluka tower
quote-
The 36-year-old Iluka building, which sits on a 3498sqm site, will be taken down in pieces by machinery.

The inside will be gutted and then work will begin from the top.- end quote

Bah! Bring on a Vegas Style demolition!

[BNE_Kid_in_ROK]

spectacular. Surfers is going to get quite a bit more glitzy. Those glass swimming pools are odd, I don't think i would swim in one, especially in busy surfers. One of the apartments in Southbank have one.

The Saville, Southbank. the glass pool is great


Awesome renders, GC will be so tall in the next 20 years!

[citiboy]

VERY BAD NEWS----------------ON HOLD------------------------
due to tight funding it has forced raptis to mothball the iluka project although it may consider sharing the project with another partner--------------further asset sales are
likely for rapits to reduce debt---------------(bulletin paper today)

[InfinitoGC]

Raptis is surely not going too well. I hope they're alright. We don't want someone like Raptis to go broke or anything. They are the kings of the gold coast.

[CULWULLA]

its all good. read last paragraph!

http://farm4.static.flickr.com/3281/3020347290_58dff9df90_o.jpg
http://farm4.static.flickr.com/3288/3019516499_4819260481_o.jpg

[InfinitoGC]

Yippee!

[Locke]

But what about ANA? ANA for me is a more important project for Surfers street level than Ikula, which is a bit too off to the side.

[citiboy]

we can only hope ---he may be doing better than we think selling off some of his sites
or having partners with other sites i hope he makes it---a very good builder

[Marty_]

Raptis never ceases to amaze me. He must have friends in high places... Every time he goes belly-up, he gets out of it! Like a cat with 9 lives!

[CULWULLA]

its because jim is a well known, a well loved builder. he has built a lot of the GC over past 30 years. hes reliable. whhen he needs help, people run to him

[Macca-GC]

Went to see some friends staying in Skyline Central tonight, who else just so happens to be in the lift? Jim Raptis! He was going to the Penthouse.

You can imagine I was quite like a giddy little schoolgirl. Didn't say anything to him though. I don't think he'd like being approached by strange unknown skyscraper afficionados.

[InfinitoGC]

My family are good friends with his family. We live on the same street as them. If we walked up to them, they wouldn't think that we were skyscraper fanatics. LOL!

[TINCUP]

November 14th, 2008

CASH-strapped developer Jim Raptis has forgone eight months of rental income from his Iluka tower after shelving plans to redevelop the site until his debt levels are trimmed.

The Surfers Paradise building, which has a permanent rental potential of just more than $1 million per year, based on 90 per cent occupancy rate, was earmarked for redevelopment before Mr Raptis was battered by tightening credit markets.

Yesterday, the high rise looked like a ghost resort, with most apartment windows and sliding doors closed.

Curtains were drawn and on the front door of the resort read a sign saying 'Iluka Hotel Closed, no unauthorised entry'.

After the purchase of the 72 apartments, Raptis Group announced plans to knock down the 17-storey tower to make way for a $750 million, 57-level high rise.

Mr Raptis kept the units empty and donated the furniture to St Vincent de Paul.

But his plans were mothballed when four subsidiaries linked to his company were placed in receivership.

The Chevron Renaissance developer has an immediate debt of $300 million and almost $700 million needs to be paid to financiers in the next year.

He said the property, valued at about $130 million, was for sale.

He has also said he would consider a joint-venture agreement, which would see his redevelopment plans go ahead.

Sources close to the high rise said after the decision to hold off on the redevelopment, the building remained vacant to make it more appealing to potential buyers.

"(Renting it out now) would be the last thing he would do. He needs to find a buyer or someone who wants to do a joint venture," said a source.

"If someone was to buy it and not redevelop it, they would have to refurbish it before they could get tenants in."

A holiday rental industry expert estimated the average rent in Iluka would be $350 a week per apartment.

The commercial part of the building remains tenanted by companies linked to Billy James.

A commercial office on the ground floor is expected to be used as the Schoolies headquarters later this month.

Mr Raptis's companies which moved into receivership were associated with the construction of his third tower on his Southport Central development.

The construction of the final eight floors of the project are being completed under the guidance of receivers, who were appointed by project funder Capital Finance Australia.

As part of the debt-reduction plan, Mr Raptis has put his luxury properties, the Sheraton Mirage and Midwaters, both at Main Beach, on the market.

[petronator]

apparently his head office is decked out over the entire 40th floor of that tower. imagine an office like that grrr. ive seen some cute receptionist looking girls heading up there one time when we stayed in the tower :P