Business

Company behind $750m Brookwater Resort in receivership

An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy.
An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy. Contributed

THE company behind the proposed $750 million Dusit Thani resort at Brookwater has been placed in receivership after falling more than 12 months behind in repayments of its financing facility.

According to Financier, Myst Group, negotiations broke down with Brookwater Resort Investments and the company had no choice but to take possession of the land adjacent to the Brookwater Golf Club.

Brookwater Resort Investments had proposed a 520-apartment luxury resort in partnership with Thai resort operators Dusit Thani and just last month staged a turning of the sod ceremony.

Construction has not begun on Dusit Thani resort.
Construction has not begun on Dusit Thani resort. Contributed

Ipswich Mayor Paul Pisasale said he hoped the issue could be worked out quickly before any damage was done to the integrity of the project.

"Those who have already invested in the resort, and others looking to, want security and they will not be happy with this latest publicity," he said.

"The council remains fully supportive of the project going ahead, but it has to have solid finances behind it."
 

The $750m resort's future in now in question.
The $750m resort's future in now in question.

A Springfield Land spokesman said they were disappointed at the situation, but still hoped that Richard Turner and his creditors could resolve their issues and complete the resort.

The Myst Group said construction of the resort was still a preferred option, however proper process had to be followed to recover the financing facility.
 

Topics:  breaking brookwater dusit thani brookwater golf and spa resort



SRV on base rate would cost as little as $19 a year

Daily Examiner senior journalist Tim Howard.

Ratepayers still unsure how much they might have to pay.

Young king with plenty to learn

LEARNING CURVE: King Amadeus with strapper and part owner Shelly Moffat.

Three-year-old ready to race today

Race held in honour of all-round good bloke

The funeral of Warwick Thomas Hall at the Grafton Racecourse on Saturday, 27 May, 2017.

Memory Of Warwick Hall Class 2 Handicap jumps at 4.20pm

Local Partners

Federal grants for 18 community organisations

MEMBER for Page Kevin Hogan announces Federal grants for 18 community organisations in the Clarence Valley


NRRRL: Magpies on a mission for home fans

ON A MISSION: Captain- coach Dan Randall hopes to lead Lower Clarence Magpies to their first victory of the 2017 NRRRL season when they run out in front of their home fans against Evans Head Bombers at the Nest this Sunday.

Lower Clarence ready for another cracker at the Nest

Polocrosse hits fever pitch at Hawthorne Park

ALL SYSTEMS GO: This weekend Grafton Polocrosse Club hosts its first annual carnival at Hawthorne Park since the club re-formed.

New lease of life in the Clarence Valley for equestrian team sport

Support for Kara's treadmill marathon explodes

Former Grafton and now NSW cricketer Kara Sutherland bowling to cricket legend Sir Viv Richards. Photo: MARK NEWSHAM

Support for treadmill marathon thrills organiser Kara Sutherland.

10 strange stories behind famous sex scenes

WHEN it comes to shooting sex scenes, it’s no secret that every set has their own method.

HBO spills new details on Game of Thrones’ final season

Game of Thrones’ eighth and final season will only have six episodes.

New details about what to expect from the eighth, final instalment.

Karl’s rant on Corby: ‘Made to look like idiots’

Karl Stefanovic is sick of hearing about Schapelle Corby.

Today co-host launched a tirade against Schapelle Corby media circus

Shot at the live shows slips through Sally's fingers

Sally Skelton and Bojesse Pigram pictured after their battle performance on The Voice.

Sunshine Coast singer's dramatic elimination from The Voice

Ben Stiller and Christine Taylor split after 17 years

They were married in May 2000 and have two children, who they said will remain their priority.

Ben Stiller and his wife Christine Taylor have called it a day

Why The Voice hasn't produced a star

Boy George responds to Brittania Clifford-Pugh's heart-warming message.

It's the industry, not the show, says Boy George

These actors hated their movies and didn’t mind admitting it

Channing Tatum and Marlon Wayans in a scene from GI Joe: The Rise of Cobra.

Every year, Hollywood blesses us with plenty of God awful movies.

This is real estate's billion-dollar man

Bob Wolff at AREC with John McGrath of McGrath Real Estate.

They don’t call him the “Billion dollar man” for nothing

Man's amazing comeback from monster crisis

Pat O'Driscoll agents Penny Keating and Doug Webber sold 56 Agnes St, The Range at auction over the weekend.

NOT long ago, he sold his possessions to pay staff. Now he's back.

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

Ready to SELL your property?

Post Your Ad Here!