A high-profile Gold Coast development site has ground to a halt after its owner handed back the keys to lenders – which include HMC Capital – just seven months after acquiring the property.

An entity controlled by Growth Point Capital chief executive David Schuh bought the site at 99 and 101 Old Burleigh Road in Broadbeach for $24 million in July last year, but lost control of the asset after defaulting on multiple loans.

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