Ilanah Aqua
Hope Island, QLD
$3.5 million
September 2009
  • Distressed Assets and Insolvency Restructuring
  • High Rise Residential
  • Project Management

Receivers KordaMentha engaged Gowdie Management Group to inspect and provide a status report for the uncompleted portion of the Ilanah Aqua residential development at Hope Island, Gold Coast.

One portion was completed in 2007 and partly occupied. It comprised of four residential buildings, a community gym, a pool and small lake.

The remainder of the development failed to obtain a Certificate of Classification and all uncompleted buildings were abandoned. The apartments were intended to be high-end with quality finishes. However, as with most distressed projects the quality of work had suffered in some areas.

Our team provided KordaMentha with alternative cost-to-complete estimates and programmes – one to complete the development in a single process, the other to complete the development in stages.

This project was successfully completed in September 2009.