Securing a site for development is not often cut and dried, with negotiations behind the scenes taking any manner of twists and turns.
For Forme’s Luna residential tower at Burleigh Heads on the Gold Coast, that was very much the case, as Forme managing director David Calvisi explains in this TUD Plus Briefing taken from The Urban Developer Boutique Development vSummit.
Luna, on Goodwin Terrace, is an eight-storey high-end tower with three-bedroom, full-floor apartments. All eight, priced from $3.9 million, sold out in January 2021. Construction was completed in February 2022.
Calvisi said the site, formerly the home of popular restaurant The Fish House, had been purchased from a group of investors in 2018 for $5.5 million.
“One of those owners was actually the ex-chief executive of Billabong, Matthew Perrin—at the time he was in jail, and it made for a pretty tricky negotiation,” he said.
“We were able to get someone to go in and see him, and get the deal done that way.
“When we bought it, the site was leased to The Fish House and it had 10 years remaining on the lease.
So, a separate deal was struck with the owner to purchase the business … just shortly after purchasing the site.
“We paid $1.8 million for the business and that obviously included all the assets of the business which we which we sold down by via an auction.”
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