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Whitsunday Regional Council has terminated its agreement to sell 45-71 Waterson Way, Airlie Beach to Whitsunday Chinatown Investments Pty Ltd.
Whitsunday Chinatown Investments Pty Ltd had until 4.00pm on Wednesday, 3 February to provide Council with the purchase price balance of $2.5 million and a bank guarantee of $1 million.
Deputy Mayor Andrew Willcox, who chaired today’s special meeting, said that Council had provided Whitsunday Chinatown Investments Pty Ltd with multiple extensions to settle the contract.
“Council has worked closely with the proponent to get this project off the ground, and we have gone above and beyond, and given chance after chance, to allow the proponent the opportunity to complete the contract,” Cr Willcox said.
“However, the proponent failed to provide Council with the balance of the purchase price and the bank guarantee, despite having already been given an extension of time to do so,” he said.
Deputy Mayor Willcox reiterated that Council would continue to work with potential investors to grow and develop the region’s economy and enable job growth.
“Council plays an important role in facilitating economic development opportunities throughout the region, and we recognise that attracting investment to our region is vital,” Cr Willcox said.
“However, Council determined that a further extension for this specific project was not justified, particularly given that the proponent has failed to meet the vast majority of the deadlines throughout the settlement process,” he said.
Council’s solicitors will now take the appropriate steps to terminate the contract.
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