Harry Triguboff's latest apartment site acquisition
Harry Triguboff has reportedly secured a Surfers Paradise apartment development site.
He has spent $75 million to buy an oceanfront site consolidated by Singapore’s Banyan Tree group.
The 4423sqm Banyan Tree site is at the northern end of the Esplanade.
The triangular site is partly occupied by the 46-year-old Bahia tower and the Beach Lodge low-rise.
Banyan Tree consolidated the site in 2014 for $50 million, then gained approval for a twin-tower project, Cassia Northpoint, and then the Singaporean-based hotel and resort operator looked for a joint venture partner for its proposed $500 million project.
The sale comes after it disposed a Brisbane holding on which it envisaged a 128-apartment tower.
Triguboff, 88, is close to completing a nearby 76-floor tower on The Esplanade, Surfers Paradise.
It was 2018 when Triguboff paid $58 million for the 22-level International Beach Resort (formerly the Apollo), to construct Ocean, a 76-level building with more than 700 serviced and residential apartments.
He plans two 55-floor towers for the Banyan site and the Gold Coast Bulletin says he will keep one of them with a Meriton Suites hotel.
Triguboff believes the Gold Coast is “entering a new era’’ post-Covid.