Business

Company behind $750m Brookwater Resort in receivership

An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy.
An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy. Contributed

THE company behind the proposed $750 million Dusit Thani resort at Brookwater has been placed in receivership after falling more than 12 months behind in repayments of its financing facility.

According to Financier, Myst Group, negotiations broke down with Brookwater Resort Investments and the company had no choice but to take possession of the land adjacent to the Brookwater Golf Club.

Brookwater Resort Investments had proposed a 520-apartment luxury resort in partnership with Thai resort operators Dusit Thani and just last month staged a turning of the sod ceremony.

Construction has not begun on Dusit Thani resort.
Construction has not begun on Dusit Thani resort. Contributed

Ipswich Mayor Paul Pisasale said he hoped the issue could be worked out quickly before any damage was done to the integrity of the project.

"Those who have already invested in the resort, and others looking to, want security and they will not be happy with this latest publicity," he said.

"The council remains fully supportive of the project going ahead, but it has to have solid finances behind it."
 

The $750m resort's future in now in question.
The $750m resort's future in now in question.

A Springfield Land spokesman said they were disappointed at the situation, but still hoped that Richard Turner and his creditors could resolve their issues and complete the resort.

The Myst Group said construction of the resort was still a preferred option, however proper process had to be followed to recover the financing facility.
 

Topics:  breaking brookwater dusit thani brookwater golf and spa resort



Fire crews called to John Dee

The alarm was triggered shortly before 3.30pm

The firefighters were called to the abattoir at 3.30pm.

Termites devastate Southern Downs park shelters

Shelters made unsafe by termite damage dismantled

7 epic Airbnb getaways on the Southern Downs

Wouldn't you like to stay here for a night or two?

Hey, don't you deserve a getaway?

Local Partners

Clifton in election carve up

Clifton could become part of a new seat by the next Queensland election in a shake-up of political boundaries.


Cricket and drag racing in the news on Southern Downs

Drag organiser Matthew Loy.

Weekend action will include cricket and drag racing

4 things you can't miss this week

Winners Stunned Mullets and runners-up Marbuck's XI after the final of the Condamine Sports Club Australia Day Cricket Carnival. Photo Gerard Walsh / Warwick Daily News

Here are 4 things you can't miss this week

Events you need to be at this week...

Andrew Lange races at Warwick Dragway.

No Prep Kaos drag racing open to all

Why Emma Watson turned down Cinderella

Emma Watson in a scene from the movie Beauty and the Beast.

HARRY Potter star has standards when it comes to Disney princesses.

Wonder Woman a ‘disjointed disaster’, says DC insider

Gal Gadot in a scene from the movie Wonder Woman.

INSIDER says the much-hyped blockbuster will disappoint.

Kid nails Swift impersonation

Seven-year-old Xia Vigor nails Taylor Swift impersonation on the Philippine talent show Your Face Sounds Familiar Kids.

TAYLOR Swift has a seven-year-old doppelganger.

Ariana Grande 'hardest working 23-year-old on Earth'?

Ariana Grande

Not everyone was impressed with Grande’s self-proclaimed work ethic

Why The Walking Dead cast are paid a pittance

Despite massive ratings the cast haven't been shown the money

50 Shades Dornan on why he hates the film

Dornan and Johnson’s frequent sex scenes were ‘awkward’ to film. Picture: SuppliedSource:Supplied

Jamie Dornan doesn’t blame you for hating 50 Shades

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Looking back, looking ahead in Noosa

NEVER-ENDING GLORY: Looking towards Laguna Bay and Hastings St from Noosa National Park.

Natural appeal of Noosa continues to attract buyers

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

'Difficult times': Rental prices tipped to increase in 2017

GREAT BUYS: There are some great rentals and houses to buy in South Gladstone. Head to gladstoneobserver.com.au for the top 10 homes under $100 to rent right now in the Gladstone region.

Investors may soon see a "profitable return” on properties.

Ready to SELL your property?

Post Your Ad Here!