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



How to do Eat Street the right way

EVERYTHING you need to know to get the most out of your Eat Street experience and to avoid a food coma when you’re only one stall deep.

Don’t go chasing waterfalls…find them on these drives!

The Scenic Rim is just one place nearby that you'll love.

BRISBANE isn’t all bright lights and city slickers.

Science Festival seriously awesome

Don't miss the World Science Festival Brisbane!

CALLING everyone who wants to see something totally cool.

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Top five things to experience this summer in Brisbane

Tangalooma is amazing if you're keen for a dive, kayak or swim.

THIS summer get out and explore your capital city.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

Gladstone mum makes 'truly sad' announcement

TOUGH CALL: Lauraine Schmitt (picture at the back with reindeer antlers) described the Boyne Island Red Rooster team as "like family".

SHE ONLY bought the business off her parents four year ago.

Gladstone man's massive gold find claim, needs mining giant

BIG FIND: Explorer Jeff Harris clams he's found 'a lost Dutch settlement' in the countryside of Western Australia.

GLADSTONE man needs cashed-up investors after claiming he found gold

New boss leaves horror years, embattled project

Glen Lewis will start work as managing director for Realm Resources on March 6.

NEW BOSS of major mine looks forward to putting horror years in past

Local Partners

Excitement builds for massive, new Tannum village plan

PLAN to plonk a new village on a vacant block of land in Tannum is gathering supporters quickly.


Feeling Lucky?

Win $1000 worth of Scratchies
Learn More

REVIEW: Under the Gun doco looks at right to bear arms

ARMED: A still from the 2016 documentary film Under the Gun by Stephanie Soechtig.

An in-depth look into America's gun culture.

Messing with your head

MIND BLOWN: What could be weirder than the realisation that we have another completely separate brain and nervous system than the one originating in our heads?

Fascinating connection between your gut and your brain

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

Living End, Grinspoon stars hit stage for American Idiot

GET a sneak peek at Green Day's American Idiot The Musical as we go behind the scenes to meet the stars at a QPAC rehearsal.

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

72 hours of things you can't miss in the Gladstone region

The Screaming Jets are making their way to Gladstone in 2017.

YOU CAN'T miss these things to do in the Gladstone region.

Gladstone's 20 cheapest properties on the market, all under $150K

DIRT CHEAP: 5/239 Sun Valley Rd, Kin Kora is selling for $140,000

PROPERTY sellers drop prices as houses and units sell for bargains.

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Ready to SELL your property?

Post Your Ad Here!