A prime piece of Gold Coast real estate is back on the market following the collapse of property developers Ralan Group earlier this year.
The developers went into voluntary administration in July, and in August the administrators announced they had found a $277 million shortfall in the group’s trust account for deposits.
The 11,470 square metre site would have had a twin-tower luxury development but the developer Ralan Group went into administration earlier this year.
Ralan Group had several high-profile developments under way, including the multibillion-dollar Ruby and Sapphire developments on the Gold Coast.
Last week the 11,470 square metre block in Budds Beach earmarked for the Sapphire twin tower development of 71 and 33 storeys, totalling 1000 apartments plus retail, was put back on the market.
The Sapphire development was approved by the Gold Coast City Council in 2016, with its proximity to the light rail cited as a key bonus for potential residents.
The site is bordered by Norfolk, Pine, Oak and Ferny avenues at Budds Beach, close to Surfers Paradise, and can be purchased as an entire lot or as individual properties.
Knight Frank’s Mark Witheriff and James Branch are selling the properties under instructions from Deloitte…