Oyster Cove on the market

BRIAN Arkell said being told receivers would put Yamba’s Oyster Cove Residential Resort on the market later this month was the best news residents had received in recent years.

The residents’ association chairman said receivers Deloitte had been keeping residents regularly informed since Lifestyle Resorts went into receivership in late June.

Mr Arkell said concerns that residents had battled for more than 12 months to get addressed would be fixed.

“There were a number of tribunal orders made following a hearing last December for resurfacing of roads, provision of more street lights and security lights and resurfacing of the tennis court,” he said.

“We have been told the lending bank is going to advance sufficient funds to the receivers to have all that work done.

"They will be doing it in the next couple of weeks."

Mr Arkell said residents were not concerned about the impending sale of the resort.

“Our legal rights are any buyer buys with notices of the tenancies,” he said.

“Any buyer is bound by the law pertaining to tenancies in residential parks.”

John Greig and Richard Hughes of Deloitte have been appointed as receivers and managers of the Bob Morrison-owned companies.

Lifestyle Resorts chief executive officer Sally Morrison previously told The Daily Examiner tenants would continue their residencies as normal.

“A change of ownership does not affect the rights of tenants,” she said.

While the businesses are continuing to trade as normal, a marketing campaign will be launched later this month to sell the companies’ assets.

Lifestyle Resorts owns residential resorts at Upper Coomera, Banora Point, Yamba and Rockhampton.

Other companies under Lifestyle Resorts’ umbrella that are in receivership include Lifestyle Resorts Developments, Sunforth, Rockhampton North Lifestyle Development Company and Goldened.

According to receivers, unsecured creditors of the company are owed around $1.5 million.

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