Hope springs eternal
Village Square markets to finally deliver for patient developer
JOHN Fish, a developer whose faith in the future of Hope Island came close to bankrupting him, soon could be singing the Hot Chocolate song Everyone’s a Winner.
The entrepreneurial 56year-old, these days growing palms in northern NSW, is on the verge of seeing the sorry life of the island’s Village Square markets come to an end.
He’s apparently been to the forefront, along with the body corporate for the desolate property, in a deal to put on to one title the lots on which Village Square’s 295 shops sit.
The result is that the 3.3ha site, which has a 180-metre north-facing frontage to the Hope Island canal, shortly is to come on to the market.
The sale of the land, which could bring $20 million or more, will be a relief to owners who, in some cases for 20 years, have been liable for rates and body corporate fees on each title of $3000 or more.
The Fish camp has had every reason to work to make such a selloff possible – it owns 72 per cent of the titles.
It argues that everyone will be a winner when the sale happens, including the city council.
The Fish holdings, which are mortgaged, are believed to be some $4 million in arrears on rates.
Village Square, intended as an arts and crafts market, was the brainchild of Wayne Price and was developed in tandem with Cairns couple Geoff and Denise Olholm.
A fallout between the developers saw receivers move in two months after the markets opened.
Later efforts to re-fire Village Square failed.
The push to get all owners to agree to end the property’s group-title scheme (a 100 per cent ‘yes’ vote was needed) started four years ago but there were opponents in the camp.
The matter ultimately was taken to the District Court, where the remaining dissenters relented.
Subsequently Jason Bettles, of Worrells, has been appointed to administer the winding up of the group-title Village Square scheme and sell the property.
The end of the road for Village Square comes as Hope Island, with its waterfront lots, is a development hotspot.
A Chinese group is believed to have spent well in excess of $20 million on land and former Emandar group jointowner George Mastrocostas has outlaid in the vicinity of $15 million.
Development of the Hope Island Town Centre is powering ahead and Village Square is right on its doorstep.
In fact, the Village Square site carries a centre zoning, which means it can accommodate buildings of up to 10 levels and 1000 or so bedrooms.
John Fish invested heavily and must be chuffed to see his judgment vindicated.
That judgment came at some cost, with his Hope Island foray and other investments hurting both himself and some of his funders.
He survived by coming to an arrangement with his creditors in 2012.