RAPTIS has signed an agreement to pay $30 million for a half share of the Dolphin Arcade in Surfers Paradise and will redevelop it with joint owner Villa World.
Villa World bought the Dolphin Arcade in 2002 for $33 million and in 2004 gained a development approval for 398 apartments and 3500sq m of retail space on the site.
Villa World CEO Brent Hailey said the company had initially considered trying to sell the property entirely.
``We always said that our preferred option was to sell, but then we were more than happy to joint venture the project with the right partner,'' he said, adding that Villa World was prepared to partner with someone who had significant experience in the development of apartment projects on the Gold Coast.
``We had talked to Raptis, Sunland, Mirvac, Juniper and a whole bevy of other players.''
Mr Hailey said the opportunity to stay involved in the project through a joint venture would yield more profit for the company overall.
The deal with Raptis was brokered by Villa World non-executive director John Potter who was responsible for the initial purchase of the site.
The heads of agreement signed between Raptis and Villa World requires both parties to enter into formal documentation by December 20.

Courier Mail, 4 November 2005