River venture going under

Carrara development sinks without a trace

CHINESE developers planning a major Carrara riverfront apartment project on land adjoining the threehome family compound of Sirromet wines owner Terry Morris have aborted the project.

They are selling the 7800sq m site, at 574-586 Nerang Broadbeach Rd because of construction funding problems.

Riverfront Residences, launched in early 2018, was to comprise 106 apartments in two six-level buildings looking across the river to the Royal Pines golf course.

The development approval included that the project had to have a helicopter pad for medical evacuations in times of weather emergencies.

Riverside Residences was planned by QY Developments, linked to the Brisbane family of Michael Guo.

Roland Evans, of Canford Estate Agents, yesterday said that QY had been able to achieve sales of nearly 30 per cent of the apartments.

“Regrettably, it hasn’t been possible to get the funding needed to push ahead with construction,” Mr Evans said.

The site, which is being sold by private treaty, was bought from former Sydney developer John Rowles for $4.35 million in 2014.

A large riverfront lot on the western side of the property holds the homes of Morris family members and also includes a helicopter pad.

Mr Evans, who is marketing the QY property with son Ben, said the site was being sold with a purposebuilt display suite already in place.

“The attaining of development approval for the apartments was a protracted process,” he said.

“Whoever buys the property will benefit from that – such an approval might not be granted under new flood mitigation rules.”

The QY approval includes a stipulation that the site must have “sufficient food and water” in case it floods.

When QY initiated its approval move, Terry Morris’s wife Lurleen, son