Coral Gardens to be carved up at auction
THE Coral Gardens development site at Craiglie will go under the hammer next month.
The New Zealand-based developers are understood to have grown frustrated with their inability to squeeze a development application out of council, and have decided to sell.
The 34ha block will be offered as “one or three”, giving buyers the choice of taking on either the entire site, or splitting it into three 10-12ha lots.
The entire 34ha site has been on the market for a year, but this is the first time it has been offered split into three blocks. All three blocks are zoned Residential 1.
Plans for the site have included a high-density family resort and, later, a $250 million luxury resort.
The Douglas Shire Council approved the development of Coral Gardens on several occasions. The first development approval was overturned by the Cairns Planning and Envi- ronment Court.
The second approval, for the luxury Volante resort, lapsed last year.
Jay Beattie, the agent handling the auction, said the block was not subject to the same flooding concerns which affected the nearby Port Pacific Estate.
“There’s been extensive work carried out,” he said.
“There have been some very extensive flood surveys, flood modelling done.
“One of the three lots is minorly affected.”
The developers, Coral Gardens Ventures, have lodged a development application to sub-divide one of the lots into 600sq m house-blocks.
Several houses at the neighbouring Port Pacific estate were flooded in March 2008, bringing work on the estate to a halt while council and the developers worked on a flood mitigation plan.
The auction will take place at the Sebel Hotel Cairns at 11am on Thursday, September 9.
For more information, contact Jay Beattie on 4031 3443.
Up for grabs: the three parcels of land up for auction