La­goons on sale for $10m

Port Douglas & Mossman Gazette - - NEWS -

RE­CIEV­ERS of the failed Hed­ley build­ing em­pire have de­cided to of­fer the en­tire 42 un­sold units in the La­goons@Port de­vel­op­ment as one lot.

Re­ceivers are be­lieved to be hop­ing to sell the job lot for around $10 mil­lion.

How­ever, one lo­cal agent fa­mil­iar with the com­plex said he would be sur­prised if the 42 units, rep­re­sent­ing nearly half of the 89 apart­ments in the com­plex, were to achieve that price.

“In­di­vid­u­ally, most of those units might sell for $250,000,” he said.

“How­ever, I think to buy half the re­sort you would want a sub­stan­tial dis­count.

“It’s a dif­fi­cult prop­erty, in the sense that you’ve got per­ma­nent rental, hol­i­day rentals and own­ers liv­ing in the same com­plex.

“There’s such an over-sup­ply of units at the mo­ment.”

In­di­vid­ual units in the 89-apart­ment re­sort have been on sale for well be­low their plan price. At the very peak of the mar­ket, sev­eral of the high-end three-bed­room units sold for more than $500,000.

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