476 hectare estate on the Gold Coast c 1,500 lots 70% of which had been sold. Also included commercial buildings, a marina, future stages and a management business. Two lenders involved over different assets. Managed retail precinct, marina and management business and sale of completed lots. All assets sold above valuation.
Master Planned Estate of 203 hectares in Bundaberg QLD which included a PGA 18 hole golf course operating at a loss. Complicated asset which led to various purchasers withdrawing during due diligence period. Completed sewerage works, restructured golf course and eventually sold the whole asset which resulted in a part repayment of senior debt within 18 months.
Distressed Management of 8,000spm of retail located in Toongabbie with $50m of senior debt and $2m of unsecured debt at the time of the appointment. The retail centre had major defects, a 70% vacancy and an unviable residential development. The property was managed to fix issues which resulted in the property being sold at a 40% premium to valuation within 12 months.
Appointed over 104 rooms in a 414 room, 4.5 star hotel in Surfers Paradise. Limited market interest, cash flow positive but negligible returns. Sold some suites on an individual basis and then identified an off-market in one-line purchaser for the balance. Sold at a premium to valuation.
Mixed use development of 2 residential towers over shops and 4 levels of basement car parking. Misappropriation of GST refunds, builder ceased work and refused to come back to site. Mediated with JV parties and negotiated with builder to return and complete works. Negotiated with mezzanine lender which allowed the development to come out of receivership.