THE Premium Income Fund has reaped $38 million from the sale of a partially completed hotel property and apartment complex south of Sydney.

Harbour Street Property Developments, controlled by Queensland developer George Callianiotis and Rockhampton retailer Solly Stanton, have reportedly agreed to purchase the City Beach property, south of Wollongong, which includes 168 hotel rooms, 75 apartments and 10 penthouses.

Other PIF properties include the Koralbyn Resort and Hotel in Queeensland, and a 144-room resort in Creswick near Ballarat in Victoria, according to the AFR.

It also owns a prominent property on Main Beach in the Gold Coast once controlled by developer Jim Raptis.

PIF spokeswoman Jenny Hutson said “there is nothing in the portfolio that we are not happy to sell at the right price.”

Source: Real Estate Source
Property Blog by Property Buzz

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