Projects - Distressed Assets
Coomera Waters Village and Resort Pty Limited
Receivership
Summary
- Master planned mixed-use estate
- Gold Coast, QLD
- Receiver for financiers
- Senior – AU$70m+ Club Facility
Issues
- 476-hectare estate located on the Gold Coast North Shore encompassing approximately 1,500 lots, 70% of which had already been sold
- Included commercial buildings, 70-berth marina and a caretaking business
- The two financiers had loans over different aspects of the estate
- Difficulties encountered in finding a purchaser for the estate due to size and complexity of offering post-GFC
- Operating management business with four full-time staff maintaining common areas
Solution
- Created feasibility and scenario analysis of various stages within the project
- Completed work on stages of the project to facilitate sale of individual lots
- Managed retail precinct, marina business and management business
- Obtained valuations and completed multiple marketing campaigns
- Identified a strategy to split the commercial and residential development assets
Outcome
- 49 individual lots sold with an average sale price of 8% discount on listed price
- One purchaser found to take the balance of the residential development
- Separate purchasers identified to purchase commercial assets and management business. All assets sold above valuation