Mission Beach properties to be sold from under embattled developer
The embattled Mayfair 101’s plans to sell or rent out a swag of the properties it bought in Queensland’s Mission Beach have been put in doubt as the senior lender on the portfolio has begun putting them on the market itself.
McGrathNicol, acting for senior lender Napla, has tapped Ray White to sell the Mission Beach property portfolio, with the agency looking to dispose of the 107 properties in tranches to avoid a fire sale.
Mayfair had just revealed its own property strategy and was to receive feedback on Monday from provisional liquidators of its M101 Nominees unit, Grant Thornton.
But the senior lender, which had already taken control of a series of properties, has just kicked off a sales campaign via agencies Ray White and Tropical Property.
Mayfair 101 is battling to resuscitate plans to transform the area into a $1.5bn tourism mecca, that would include a revamp of the Dunk Island resort, but was hit by the appointment of Grant Thornton in August, with a court case in February to decide its future.
The Australian Securities & Investments Commission is taking legal action against the funds manager, which backed its property scheme with high-interest debentures, with the regulator seeking a wind-up of the M101 Nominees unit.