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Tycoon C. Makris bought the famous Marina Mirage for 52 million dollars only!

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The richest Grekaustralian and South Australia's richest man, Con Makris, has bought the Marina Mirage shopping centre on Queensland's Gold Coast for $52 million.

The shopping centre was placed on the market after private group Fenix were placed into receivership by St George Bank.

The centre was listed in October last year with expectations of up to $60 million.

The 11,800-square-metre centre is split across two levels and comprises 100 shops and 700 parking spaces.

“The Gold Coast has been down for the past four years… but it’s just hit the bottom and is now on the way up,” Makris told The Financial Review.

Makris said that conditions had never been better for buying commercial property as borrowing costs were low and capital growth expected.

“The shopping centre is a destination. It’s where all the top fashion designers are, the best restaurants – it’s a place for the rich and famous to shop and dine,” says Makris.

Christopher Skase built the shopping centre 25 years ago and sold it to MFS Diversified Trust for $28.4 million in 2005.

MFS Group sold the centre in the same year to Fenix Real Estate for $40 million.

Fenix invested about $30 million into the asset but went into receivership.

David Winterbottom and Martin Madden from receivers KordaMentha appointed McVay Real Estate to sell the centre after they secured a $68 million deal with two Chinese groups for the neighbouring Palace Versace.

“It’s in the middle of all the five-star hotels – Palazzo Versace, the Sheraton – and they’re going to build a casino on land next to the shopping centre,” Makris told the Gold Coast Advertiser.

“This is the Miami of Australia,” says Makris.

The centre is opposite the $62 million Sheraton Mirage Resort and includes premium tenants such as Hermes, Tommy Hilfiger and Calvin Klein.

Con Makris founded Makris Group, which acquires shopping centres and today is a $1.5 billion-plus South Australian company. (Βy Nicola Trotman- Tuesday, 15 January 2013)

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