THE sell-off of assets linked to financially troubled Port Douglas / Cairns developer-businessman Tom Hedley is continuing with a campaign for disposal of a parcel of 42 apartments in the Lagoons@Port resort at Port Douglas Queensland.
The parcel are what remains under the ownership of Hedley Developments in the 89-apartment, strata-title resort, named for its six lagoon-style swimming pools.
The two-bedroom apartments are for sale in one line and have been placed on the market by the appointed receivers.
The Lagoons@Port units are being marketed in an expression of interest campaign that closes on May 5 2011. The units have already been (unsuccessfully) taken to Auction back when Hedley first went into receivership in 2009.
The Lagoons Port Douglas resort operates under the Oaks brand and has a mix of one- and two-bedroom apartments, some with plunge pools and spas. The units can be owner occupied, holiday let or permanently let.
The parcel of Port Douglas units, are expected to realise about $10 million, well below the more than $16 million the units would have been expected to fetch at the peak of the market in 2007.
With the huge volumes of unsold units currently on the market in Port Douglas, and a 0% clearance rate at recent Auctions in the town, it will be interesting to see, if this latest “Expressions of Interest” campaign does indeed even attract any interest.