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Old February 9th, 2007, 02:21 AM   #1
DeejayT
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Raptis/CP1 Gold Coast International Redevelopment

I thought this deserved its own thread. Locke has referred to this sale in the G.C. News section.

From the G.C. Bulletin

Raptis, City Pacific buy hotel for $70m

09Feb07

THE Raptis Group has swooped on its third hotel in as many years, yesterday announcing that it had bought the Gold Coast International for $70 million.

Raptis has teamed up with CP1, the listed development subsidiary of property finance group City Pacific, in a 50-50 joint venture that will lead to a major redevelopment of the 2.28ha hotel site in central Surfers Paradise.

The partners have bought the property from Orix Australia Corporation, which swallowed former owner and hotel developer Daikyo last year, through their new partnership vehicle CIRA International.

Under the terms of the deal, Raptis plans to undertake redevelopment of the 1.5ha of vacant land adjacent to the Gold Coast International, while CP1, which has arranged the finance for the deal, will manage the hotel.

The Gold Coast International (GCI) purchase adds to the Raptis hotel portfolio which includes the Surfers Paradise Holiday Inn, bought for $105 million in 2005, and the Sheraton Mirage, which Raptis bought last year for $82 million.

Although Raptis Group chairman Jim Raptis would not describe the hotel sector as undervalued, he said yesterday that he saw big opportunities from his Gold Coast acquisitions.

"The GCI is a long-established Gold Coast landmark and we see this as a significant acquisition for the Raptis Group," he said.

Mr Raptis said the hotel market was crying out for new development.

"We haven't had a hotel built on the Gold Coast for 20 years," he said, adding that many of them had begun to look 'tired'.

Mr Raptis said the first priority was the refurbishment of the GCI, although a timeframe had not been set.

As for redevelopment of the vacant 1.5ha site, he said it was 'early days'.

Two years ago hotel developer Daikyo and Lend Lease announced plans for an $850 million 'urban village' for the property which was to comprise a mix of residential apartments with retail and commercial components.

For CP1, the purchase deal puts the company's foot on a 5ha slice of some of Australia's prime real estate.

The company also owns and manages the 2.5ha Paradise Resort across the road on Ferny Avenue.

CP1 chief executive Phil Sullivan said yesterday he saw strong synergies between the properties.

He also expected a boost in cashflow from the GCI after the planned facelift.

"We have already had a significant improvement in revenues from the Paradise Resort business since we took it over," said Mr Sullivan.

"Having a three-and-a-half-star property right next to a five-start facility is of enormous benefit."

Mr Sullivan said the partners would move 'as quickly as possible' on firming up its redevelopment plans for the site.

"But our first priority is to refurbish the GCI," he said.

Mr Raptis said the design process would include a review of the original concepts porposed by Daikyo and Lend Lease in 2005.

The hotel purchase was negotiated through Lend Lease, which will receive a commission on the deal, and is due to settle on April 4.

----------------
The original proposal can be found here
http://www.lendlease.com/llweb/llc/m...st2_daikyo.pdf

Picture of the site originally posted by Locke


This current site includes GCI and the site to the North, which used to be Frozen World. I do not believe the sale included the "Entertainment Precinct" which if I remember right was the site of Meriton's 2 x 70 story towers? It will be interesting to see if this will entertainment site is offloaded by Orix Australia Corporation.
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Old February 9th, 2007, 02:27 AM   #2
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excellent. be interesting to see what raptis will come up with
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Old February 9th, 2007, 03:51 AM   #3
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Sounds good, a chevron renaissance style ground level development would do wonders there. I just hope they can stick some nice tower on top of it. A southport central style tower would be very boring, it needs to be more ANA style in order to create a bit of a focal point.
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Old February 9th, 2007, 05:46 AM   #4
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I'm not sure about that Locke, to me the frozen world site is to far north to have any substantial amount of retail/ commercial development. But I agree that this site needs to provide a focal point with the design of the buildings!
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Old February 9th, 2007, 05:46 AM   #5
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i reckon the site in south of Crown Towers is crying out for a supertall aka q1 style. perfect posi
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Old February 9th, 2007, 06:12 AM   #6
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Well I've stayed at Sun City and that whole area sorta lacks ground level retail/cafes. I mean you need to walk to Chevron Renaissance to get a coffee etc. So if they had some plaza (ANA/Circle style) as part of this development (especially in co development with the Budds Beach Prectint) then I think you could almost create a something to rival broadbeach or tedder avenue.

I hear you on the supertall Culwulla. I don't know if Raptis are ballsy enough to do anything like that, they do good stuff but I don't know if they are envelope pushers the way Sunland are. I'd love to see them challenge Q1 though. I do feel though that the coast has been resting on it's laurels a bit of late, ANA and Dolphin are fantastic but such a young and dynamic city should be pushing harder, bettering Q1.
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Old February 9th, 2007, 06:15 AM   #7
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Quote:
Originally Posted by DeejayT View Post
I thought this deserved its own thread. Locke has referred to this sale in the G.C. News section.

From the G.C. Bulletin

Raptis, City Pacific buy hotel for $70m

09Feb07

THE Raptis Group has swooped on its third hotel in as many years, yesterday announcing that it had bought the Gold Coast International for $70 million.

Raptis has teamed up with CP1, the listed development subsidiary of property finance group City Pacific, in a 50-50 joint venture that will lead to a major redevelopment of the 2.28ha hotel site in central Surfers Paradise.

The partners have bought the property from Orix Australia Corporation, which swallowed former owner and hotel developer Daikyo last year, through their new partnership vehicle CIRA International.

Under the terms of the deal, Raptis plans to undertake redevelopment of the 1.5ha of vacant land adjacent to the Gold Coast International, while CP1, which has arranged the finance for the deal, will manage the hotel.

The Gold Coast International (GCI) purchase adds to the Raptis hotel portfolio which includes the Surfers Paradise Holiday Inn, bought for $105 million in 2005, and the Sheraton Mirage, which Raptis bought last year for $82 million.

Although Raptis Group chairman Jim Raptis would not describe the hotel sector as undervalued, he said yesterday that he saw big opportunities from his Gold Coast acquisitions.

"The GCI is a long-established Gold Coast landmark and we see this as a significant acquisition for the Raptis Group," he said.

Mr Raptis said the hotel market was crying out for new development.

"We haven't had a hotel built on the Gold Coast for 20 years," he said, adding that many of them had begun to look 'tired'.

Mr Raptis said the first priority was the refurbishment of the GCI, although a timeframe had not been set.

As for redevelopment of the vacant 1.5ha site, he said it was 'early days'.

Two years ago hotel developer Daikyo and Lend Lease announced plans for an $850 million 'urban village' for the property which was to comprise a mix of residential apartments with retail and commercial components.

For CP1, the purchase deal puts the company's foot on a 5ha slice of some of Australia's prime real estate.

The company also owns and manages the 2.5ha Paradise Resort across the road on Ferny Avenue.

CP1 chief executive Phil Sullivan said yesterday he saw strong synergies between the properties.

He also expected a boost in cashflow from the GCI after the planned facelift.

"We have already had a significant improvement in revenues from the Paradise Resort business since we took it over," said Mr Sullivan.

"Having a three-and-a-half-star property right next to a five-start facility is of enormous benefit."

Mr Sullivan said the partners would move 'as quickly as possible' on firming up its redevelopment plans for the site.

"But our first priority is to refurbish the GCI," he said.

Mr Raptis said the design process would include a review of the original concepts porposed by Daikyo and Lend Lease in 2005.

The hotel purchase was negotiated through Lend Lease, which will receive a commission on the deal, and is due to settle on April 4.

----------------
The original proposal can be found here
http://www.lendlease.com/llweb/llc/m...st2_daikyo.pdf

Picture of the site originally posted by Locke


This current site includes GCI and the site to the North, which used to be Frozen World. I do not believe the sale included the "Entertainment Precinct" which if I remember right was the site of Meriton's 2 x 70 story towers? It will be interesting to see if this will entertainment site is offloaded by Orix Australia Corporation.
What is the height restriction on this site?? No Sunland for a while maybe Jim will build a tallie.
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Old February 9th, 2007, 06:19 AM   #8
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I think it's 40 levels. The previous Lend Lease proposals were four 50 storey towers on the site, so it's not hard and fast. You can see the stupidity of the height limit there, what is better 4x50 jammed next to each other or 1 x 100 with lots of room? I take the latter.

Still, as it stands it's 2 or 3 streets outside the current unlimited zone, but the unlimited zone is so ridiculously small that it HAS to change.

Otherwise it's perfect supertall material, back from the beach, nice and big.
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Old February 9th, 2007, 12:10 PM   #9
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jim raptis is well liked at GCCC and has alot of pull. maybe he may influence a change of height limit. would be silly to build 40floors
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Old February 9th, 2007, 11:11 PM   #10
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Excellent development news. Raptis for Mayor!!!
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Old February 12th, 2007, 01:25 AM   #11
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There was an article in the AFR about this, these were the points of interest. I would love to see them propose a 100 level tower, I mean the site is 2.28 hectares!

Anyway:

...The five-star hotel will be refurbished and the northern portion of the city block will undergo a full-scale development....

..."At the moment, there's a master plan. We will review it. Part of [the development] will be residential, and of course the hotel will be part of the realignment," said Raptis chairman Jim Raptis...

...Under the deal, CP1 will manage the Gold Coast International Hotel while Raptis will focus on redeveloping the remainder of the 2.28 hectare property.

KEY POINTS

· In a venture with CP1, the group pays $70m for a top five-star hotel.

· A huge redevelopment is planned....
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Old February 12th, 2007, 01:49 AM   #12
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excellent
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Old February 12th, 2007, 04:35 AM   #13
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Quote:
Originally Posted by Locke View Post
I think it's 40 levels. The previous Lend Lease proposals were four 50 storey towers on the site, so it's not hard and fast. You can see the stupidity of the height limit there, what is better 4x50 jammed next to each other or 1 x 100 with lots of room? I take the latter.

Still, as it stands it's 2 or 3 streets outside the current unlimited zone, but the unlimited zone is so ridiculously small that it HAS to change.

Otherwise it's perfect supertall material, back from the beach, nice and big.
Thanks Locke, i would like to think that Jim Raptis knows something that we don't know.

It may be time to relax the rules a bit and stop high profile developers going to Dubai to make money.
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Old February 13th, 2007, 01:38 AM   #14
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..
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Last edited by Locke; March 8th, 2007 at 01:33 AM.
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Old February 13th, 2007, 07:04 AM   #15
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does anyone have a better picture of the whole site, when they say GCI all that comes to mind is where the GCI hotel is, but that sure cant be 2.8 hectars can it???
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Old February 13th, 2007, 08:50 AM   #16
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1SP141001 (11480m2)
1RP811673 (11320m2)

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Old February 13th, 2007, 09:03 AM   #17
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in your picture what is the on the block right next to it (no 7) just as an idea.

also it stated the frozen world site was also included in the sale, what number is that on the map?
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Old February 13th, 2007, 10:21 AM   #18
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The number 7 site is Crown Towers.

The next block south is the Bungee rocket site, and beneath that is the Cypress Avenue carpark

block 130 is the Paradise Hotel

Frozen World is on block 103.
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Old February 13th, 2007, 12:13 PM   #19
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cheers for that!
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Old February 13th, 2007, 02:58 PM   #20
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Crown Towers is actually number 5, the GCI is staying located on block 7 with the neighbouring area of the same block up for redevelopment at 103
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