Developer quits retirement siteJuly 31st, 2009A MORTGAGEE has...

Developer quits retirement site

July 31st, 2009

A MORTGAGEE has forced Brisbane-based developer Petrac to quit a Biggera Waters landholding earmarked for a retirement facility.

The waterfront 1.1ha parcel, at 25 and 31 East Quay Drive, near Harbour Town shopping centre, holds approval for a four-storey aged care building.

Petrac, linked to Brisbane property industry figures Mark Spedding and Peter McAvoy and others, bought the holding through VHP Land Nominee No 2 in a $6.3 million deal with Harbour Quays developer Lewis Land last year.

Ray Richards and Grant Sparks, of PBB, were appointed administrators of the company earlier this year and have since launched a tender campaign, managed by Savills, which closes on August 20.

It is understood Petrac was in partnership with property group Valad and US company Harvest Development to build one of the country's first rental retirement communities on the Harbour Quays holding.

The $40 million 135-apartment Gracious Retirement Living Harbour Quays project was approved in June last year and was expected to be completed next year. The complex was to offer a middle market retirement-living option.

Accommodation was to comprise one- and two-bedroom and studio apartments. While each unit would have a kitchenette, residents could also take meals in a communal dining room.

Facilities would have included a craft and activities room, library, television room, hair salon and landscaped gardens.

Petrac had laid plans to expand the model across a number of location nationally.

Tim McSweeney and Bill Ross, of Savills Brisbane, are marketing the Biggera Waters holding.

Mr McSweeney said there had been more than 10 inquiries about the holding from Gold Coast and national developers.

"The interest has come from established players in the development industry," he said.

"We have issued a number of tender documents and expect at least two or three to be returned as a minimum."

The first signs of Petrac's financial difficulties emerged in October when receiver-managers William Colwell and Peter Geroff, of Ferrier Hodgson, were appointed to Petrac Developments.

The company later offloaded a 16ha property at Suffolk Park, just south of the Byron Bay township.


http://www.goldcoast.com.au/article/2009/07/31/103225_commercial-property.html

I wonder if valad may put a tender in now?