How champion surfer turned $32,500 investment into millions

CHAMPION SURFS INTO MEGA PROFIT ON UNIT SALE

MARK Richards, a four-time world surfing champion, has turned a $32,500 investment in a unit overlooking the ocean at Coolangatta's Rainbow Bay into $2.05 million.

Four-time World Surfing Champion Mark Richards.
Four-time World Surfing Champion Mark Richards.

That's the figure Brisbane developer and passionate surfer Paul Gedoun has paid the Newcastle-based Mark, and each of the other five owners, in the Rainbow's End unit block.

Mark's apparently buying into new sellout building the 12-level Flow, with construction company McNab hired and already on site.

SURFERS COULD GET ITS OWN 'EURO STYLE' BEACH CLUB

SURFER Paradise could be on the verge of getting its own version of European style beach club, except this one won't front the beach.

It's tipped to go in the existing pool area atop the multi-level X Galaxy property, formerly the Piazza, on the corner of Elkhorn Ave and Surfers Paradise Boulevard.

The X Galaxy property.
The X Galaxy property.

The arrival of the club, with daybeds and all, would be some consolation for the X Galaxy owners after COVID-19 killed cinema-centre plans.

BAKIR SWOOPS ON SUNLAND ASSETS

RON Bakir, who's developing build-to-rent towers at Varsity Lakes, is buying six riverfront housing lots at Royal Pines from the Sunland Group.

He's paying an average of $760,000 for the adjoining sites, which had been on the market for some time at $900,000 each.

Homecorp CEO Ron Bakir.
Homecorp CEO Ron Bakir.

The cash from the Homecorp group chief, who first built homes within the golf resort more than a decade ago, will add to a 'pot' Sunland is building from an asset selldown.

 

Originally published as How champion surfer turned $32,500 investment into millions

Artist impression of the Flow development.
Artist impression of the Flow development.


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