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

Receivers KordaMentha engaged Gowdie Management Group to inspect and provide a status report for the uncompleted portion of the project Ilanah Aqua residential development at Hope Island in <<insert year>>.

The completed portion of the project comprised four residential buildings and a community gym, pool and small lake. This portion was completed prior to December 2007 and was partly occupied.

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

We 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.