Hinchinbrook sells after 4 years

Port Hinchinbrook resort at Cardwell in far north Queensland has at last got a buyer.

Liquidators FTI Consulting has exchanged contracts for the sale of the resort. Port Hinchinbrook was battered by Cyclone Yasi in 2011 and its owner, Williams Corporation, was placed into liquidation in 2013 after it failed to financially recover. Residents voted to wind up its acting body corporate last year.

It is understood the buyer is a Gold Coast-based consortium and the sale price may be as little as between $5 million to $6 million.

Liquidator Joanne Dunn said documents for the sale were yet to be finalised.

“Agents and us have been in negotiations with interested parties that expressed interest during that campaign and we’re fortunate now that is has been a long process but we have now got to the stage where we have agreed on terms and signed a contract,” she said.

AN71-3-DN-Port Hinchinbrook 1 300x225Port Hinchinbrook was the creation of developer, Keith Williams who reportedly poured $100 million into the project, despite massive greenie protests that it would damage the Great Barrier Reef. It was developed on a 94.5ha site at Oyster Point with more than 200 single residential and commercial around a 200-berth marina.

Cyclone Yasi smashed buildings, jetties and luxury boats when it hit the marina in 2011.

While the price could not be disclosed due to confidentialities, Ms Dunn said it was a good result which would pave the way for new development work to occur at Port Hinchinbrook.

“It is the buyer’s intention to seek the necessary planning approvals to begin development work as soon as possible,” Ms Dunn said.

It is understood a deal is also close to being sealed by marketing agents Rem Rafter and Danny Betros from CBRE for the sale of Hinchinbrook Island Resort, 8km off the coast. The resort was also was developed by the late Keith Williams under a special crown lease on a 8.26ha waterfront site.

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