The 5,028sqm site, bounded by Remembrance Drive, Enderley Avenue and River Terrace, went under contract in early February after being marketed via an extensive expression of interest campaign managed by Colliers International Director - Special Projects, Darrell Irwin, and Colliers International Senior Executive, Kit Titheradge.

Colliers International was acting on behalf of the vendor, Andrew Fielding and David Whyte of BDO Kendalls Business Recovery and Insolvency.

The sale was subject to an extended due diligence period, which is now complete, and GC Developments is currently working closely with Gold Coast City Council on minor amendments to the current development approval.

The site was to house Manassa Group's ‘Reve on River Terrace', a 28-storey tower housing 197 one, two and three-bedroom apartments and two penthouses, a ground floor alfresco café and four attached terrace homes, indoor and outdoor swimming pools, a fully equipped gymnasium, outdoor courtyard barbeque areas, a multi-function meeting room and managers office. However, shortly after releasing its luxury apartments for sale earlier this year Manassa experienced financial difficulty and a receiver was appointed.

Mr Titheradge said the development changes currently being discussed with Council would not visually change the approved tower.

"The purchaser has extensive development experience in Korea, and is now actively pushing into the Australian residential property market," he said.

"We understand GC Developments has committed to building the tower shortly after settling the sale in mid-September."

Earlier this year, Mirae Queensland - linked to GC Developments - secured a $20.12 million site on Montague Road in West End, Brisbane, with plans to build a five-tower 424 apartment complex it has labeled The Wave. A development application for The Wave is currently before Brisbane City Council.

Mr Irwin said 28 qualified enquiries were received for the site, which resulted in numerous offers put forward to the vendor.

"We are delighted with the sale in what is a very challenging market for development sites," he said.

"In relation to the marketing of this site, and development sites generally, Colliers International is able to utilise our extensive database of development groups and connect to not only each of our Australian offices, but 294 offices globally including those in Korea and Seoul.

"This extends Colliers International's reach and covers all the bases to find ‘qualified' buyers.

"This is the second site in South East Queensland the Reve purchaser has secured through Colliers International.

"Other development site sales are currently in advanced negotiations, indicating renewed interest in development sites from similar sectors of the market."

www.colliers.com.au.