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

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

ACCC GIVES GO-AHEAD FOR NEWS CORP TO BUY ARM

NEWS Corporation (ASX: NWS) has been given the green light to acquire Australian Regional Media (ARM) from APN New...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter