Control of Noosa Resort Seized by Receivers

Only 40 of the 198 units have sold in the last four years.

“It’s business as normal and the Outrigger continues to operate the resort,” McGrath Nicol partner John Cronin told the AFR.

“Viridian Noosa the company doesn’t have any employees and the only thing I can tell you at this stage is receivers will be working together with the various stakeholders to implement an appropriate strategy for unsold villas.”

Leighton has been involved in the Hastings Street, Noosa site since 1988. The property was a former banana plantation.

Before construction Macquarie described the development as “the best resort development site on the eastern seaboard”.

Other Sunsine Coast projects that fallen into receivership recently include the $400 million Elysium project (which has since been acquired by AV Jennings). Also, the $210 million Noosa Sanctuary Resort faced trouble and was bought by the RACV (Victoria’s auto club) last November. The 10-year old Noosa Blue resort on Noosa Hill went into receivership last year, too.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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