PM Submission - Thomas Kearney - MCU18/0015

                                            hotcopner com au


It was placed into receivership in 2009 after Consolo Group planned a $400m luxury
residential development for the site.


Others since the global financial crisis to have fallen into receivership include the $200m
Noosa North Shore Resort and the Beach Road Holiday Homes projects by Petrac, which has
42 blocks of land.


Also, the Noosa Sanctuary Hotel and residences project site was reportedly snapped up by
RACV for about $60m after its original owner Resort Corp collapsed.


Meanwhile, analysts speculate that Valad Property Group's Sheraton Noosa Resort and Spa,
that is currently for sale, may change hands for a price of between $60m and $70m. It was
purchased in 2007 for $93.7m with debt believed to be $60m to financier Suncorp.


Market analyst Dean Dransfield of Dransfield Hotels and Resorts said Mr Harding only sold
enough units in his Noosa Blue development to secure finance for the project.


"They were originally sold on a five per cent income guarantee, and with room rates not going
up over time, it got hard to maintain that. That arrangement has ultimately been
renegotiated."