CP1 Limited Hits The Hot Spot

17th February, 2007

Recent research has confirmed City Pacific Group company, CP1 Limited, and joint venture partner Raptis Group have landed on a property purple patch.

The PRD Nationwide Property Watch has described the location as a hot spot, and in the fastest growing region in Australia for the last four decades, according to the February edition of the Midwood Queensland Investment Report.

The research is confirmation the recent purchase by CP1 Limited in joint venture with Raptis of the Gold Coast International Hotel and adjacent development land, should be extremely worthwhile.

According to Property Watch the location of the acquisition is a hot spot within a hot spot, and that new projects combined with recently completed roadwork are likely to draw more locals and tourists to the area.

CP1 will manage the Gold Coast International and Raptis will undertake the development of the site in the 50-50 joint venture company CIRA International Pty Limited.

CP1 Limited is also owner and manager of the multi-award winning Paradise Resort on 2.5 hectares immediately opposite the Gold Coast International site.

Chief Executive Phil Sullivan said there are strong synergies between the properties.

"Having a three and a half star property right next to a five star facility is of enormous benefit, and we'll be moving as quickly as possible to firm up the redevelopment plans, but our first priority is to refurbish the Gold Coast International," said Mr. Sullivan.

The February 2007 edition of the Midwood Queensland Investment Report gives a further explanation.

"Uniquely, a 40 kilometre urban strip fronts the Pacific Ocean. World Heritage rainforest, magnificent Moreton Bay and other spectacular locales provide endless variety in living and working environments. It is one of Australia's leading tourist destinations….rail and motorway investment has improved access to Brisbane, capital of resource rich Queensland." The Midwood Report, February edition 2007

These findings confirm why the City Pacific Group and several of its joint venture entities such as CIRA International, continue to hold a high exposure in this region.

CP1 Limited Hits The Hot Spot

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