This article is from the Australian Property Journal archive
A 70,000 sqm site at the southern end of Great Barrier Reef, planned as a $250 million waterfront residential community, has been put to the market through receivers after a dispute between two directors upended the proposal.
Colliers Queensland agent Philip O’Dwyer is running the expressions of interest process for the Burnett Heads pool of assets, 17 kilometres from Bundaberg, which includes a freehold waterfront lot, a series of town planning approvals and other rights that taken together form the Gateway Marina Project.
Project areas include 7.264 hectares of dry land across three titles and a 7.584-hectare wet lease in two parcels.
The site has been planned as a 318 berth start-of-the-art marina, a waterfront residential community providing both short-term and long-term accommodation, a blend of maritime and tourism activities, boutique retail, restaurants and cafés and green open spaces.
Dredging of the marina basin commenced late in 2022 and sales campaigns had kicked off, but a dispute between the directors of the controlling companies, Simon Harvey and Ian Sroczynski, halted proceedings. It was taken to NSW Supreme Court earlier this year to appoint a liquidator and wind up the companies. The project was to be equally funded by the directors, but Judge Anthony McGrath found Harvey had financed the project almost entirely on his own, to the tune of $7 million, compared to the just over $200,000 tipped in by Sroczynski.
The listing is on behalf of Todd Gammel and Barry Taylor of HLB Mann Judd, appointed as receivers and managers of BH Holdings QLD Trust and BH Developments QLD Trust and liquidators of BH Holdings QLD Pty Ltd and BH Developments QLD Pty Ltd.
O’Dwyer said this was a rare opportunity to acquire an approved east coast marina project, with a series of planning approvals in place to allow for the full development of an integrated marina and a high-end mixed-use waterfront residential community.
“There is currently an undersupply of ‘ready to go’ marina projects as well as a significant housing shortage, this development offers an opportunity for an astute developer to step in.”
The site has a history of successful pre-sales of early stage apartments.
“The site offers a high level of accessibility to major metro populations and access to an existing service infrastructure network as well as proximity to the established Burnett Heads town centre including an IGA supermarket, cafes, and medical services.
“Located at the southern end of the Great Barrier Reef, the site offers water edge accommodation with spectacular views with a sheltered and safe harbour.
Expressions of Interest for Gateway Marina, Harbour Esplanade, Burnett Heads close at 4pm on Thursday 27 June 2024.
