A land contract for a $300 million development in north Queensland’s Whitsundays has been torn up.
Whitsunday Regional Council has terminated its contract with company Whitsunday Chinatown Investment, which promised to build the Waterson Way, or Chinatown project, in Airlie Beach.
The Chinese investors had been given until 4:00pm (AEST) yesterday to pay the balance settlement money and an unconditional bank guarantee of $1 million for the development’s land but failed to meet the deadline.
Deputy Mayor Andrew Wilcox said it was disappointing.
“We’ve had a lot of milestones that just haven’t been met,” he said.
“I think the cleanest way is we start with a clean slate, re-tender the block of land and hopefully we can then put [in] some things that benefit the community.
“I am disappointed that we couldn’t get this one over the line but I don’t think this is the end.
“We’ll chase some new investors and we’ll get this project up and running.”
The land was originally signed over to the company for $2.4 million in December 2014.