We don’t have the full details yet but Patrick Smith from QLD’s Freedom Aged Care is reported to be behind the purchase of the 116 unit grand Pacific vertical retirement village at Southport. It went into receivership seven years ago and has been plagued by structural questions and frequent flooding of its car park.

Grand Pacific was the dream of the QLD developer City Pacific and Hallmount, a Gold Coast/NZ joint venture. The development cost $70M but struck trouble before completion. The residents have been in limbo since 2008.
More next week.