HOPE Island Resort is set for a property development boost following a milestone land title restructure.
According to McCullough Robertson property partner Ian Hazzard, the land at Hope Island Resort was previously restricted to sporting or cultural uses under legislation that does not apply to the majority of land in Queensland (being the Integrated Resort Development Act 1987 and Building Units and Group titles Act 1980).
The Integrated Resort Development Act 1987 is currently under review by the State Government. Hazzard negotiated with Government to allow future residential development on part of the restructured land and coordinated agreements with 50 different parties — including mortgagees under 25 separate mortgages.
“The completion of documentation regarding this restructuring is a milestone for Queensland and follows four years of complex and detailed negotiations over the restructured land involving numerous parties,” says Hazzard.
“The change in land use to permit residential development paves the way for wider investment opportunities in the restructured land which would not otherwise have been achievable.”
Hazzard believes the restructure, which involved the extinguishment of an existing body corporate structure with fractionated interests, is one of the most complex transactions of its type ever done, with more than 100 separate documents filed for registration.
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