This article is from the Australian Property Journal archive
CITY PACIFIC has entered into a joint venture with Hallmount no.2 Pty Limited to purchase the Greenmount Beach Resort at Coolangatta for $34 million.
City Pacific’s 50% stake will be owned by its subsidiary Grande Pacific.
Constructed in 1978, the Greenmount Beach Resort is located on the southern tip of the Gold Coast and overlooks Greenmount Beach and Rainbow Bay with uninterrupted views of the entire Gold Coast coastline.
The 10-level, three star resort contains 151 guest rooms and was previously owned by Zion Investment Holdings.
City Pacific’s chief executive Phil Sullivan the Greenmount Beach Resort will complement the group’s other hotels, including Paradise Resort and Gold Coast International in Surfers Paradise.
Hallmount’s director David Cherry said the property is undoubtably a blue-chip property and a jewel in the crown on arguably the best parcel of land at the Gold Coast’s southern tip.
“Although to date our focus has been on luxury retirement communities, we have every intention to continue running Greenmount as a resort in the foreseeable future,” he concluded.
Australian Property Journal
