Projects - Distressed Assets
Coral Cove Development No.4 Pty Limited
Receivership

Summary
- Master planned residential estate and golf course
- Regional, QLD
- Receiver for senior financier
- Senior debt – AU$30m
Issues
- Master planned, and development approved estate with a total balance area of 203 hectares with capacity for up to 916 new dwellings
- PGA rated, 5,965m 18-hole golf course operating at a loss of approx. AU$400k pa with 10 full-time employees
- Bordering on a decommissioned quarry, operator held a buffer lease over a portion of the land and refused to surrender it
- Multiple approvals over the land during a lengthy period, complicated infrastructure agreement with Council
- Various purchasers withdrew during the due diligence period
Solution
- Leased the restaurant and function centre to a third party
- Managed multiple national and international marketing campaigns
- Improved offering by completing sewerage line works on the estate
- Managed golf course operations through sale process
- Increased membership fees on the golf course to reduce golf course loss
Outcome
- Achieved a sale and exit for financier