Australia’s most significant high rise village in receivership

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The 25 level / 116 apartment Grande Pacific Broadwater retirement village in Southport has had the receiver KordaMentha called in after selling just 20 odd units after 3 years of marketing. It has been completed for about 12 months. Costing $70 million to construct, it has a mortgage of $50 million to service. The average ILU/Apartment is well priced relative to the local market and the development regarded as top quality, calling into question the preparedness of the market for high rise villages.