Hazzard hammers Hope Island hurdle

Written on the 6 July 2009

HOPE Island Resort is set for a property development boost following a milestone land title restructure.

According to McCullough Robertson property partner Ian Hazzard, the land at Hope Island Resort was previously restricted to sporting or cultural uses under legislation that does not apply to the majority of land in Queensland (being the Integrated Resort Development Act 1987 and Building Units and Group titles Act 1980).

The Integrated Resort Development Act 1987 is currently under review by the State Government. Hazzard negotiated with Government to allow future residential development on part of the restructured land and coordinated agreements with 50 different parties — including mortgagees under 25 separate mortgages.

“The completion of documentation regarding this restructuring is a milestone for Queensland and follows four years of complex and detailed negotiations over the restructured land involving numerous parties,” says Hazzard.

“The change in land use to permit residential development paves the way for wider investment opportunities in the restructured land which would not otherwise have been achievable.”

Hazzard believes the restructure, which involved the extinguishment of an existing body corporate structure with fractionated interests, is one of the most complex transactions of its type ever done, with more than 100 separate documents filed for registration.


Latest News

INTEREST IN RETAIL PROPERTY SPIKES AS INTERNATIONAL BRANDS LOOK TO ROLL OUT IN AUSTRALIA

AN influx of international retail brands into Australia over the next five years are expected to push up demand for f...

MANTRA BOASTS OF SUCCESSFUL HOTEL INTEGRATION AS NET PROFIT GROWS 15 PER CENT

MANTRA Group (ASX:MTR) CEO Bob East has praised the performance of the company's new Honolulu Hotel as it posted ...

WHITEHAVEN TRIPLES EARNINGS, PAYS DOWN DEBT AFTER COAL PRICE TURNAROUND

THE HIGH coal price has allowed Whitehaven Coal to triple earnings and pay down a large portion of its debt in the fi...

BABY BUNTING BUOYED BY CLICKS AND BRICKS PERFORMANCE

BABY Bunting has grown sales 18.1 per cent to $135.1 million in the first half of FY17, sweetened by the opening o...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter