01/07/2014 - 13:21

PBD seeks to sell failed development

01/07/2014 - 13:21

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Commonwealth regulatory approval has been granted for PBD Development’s (formerly Port Bouvard) Point Grey marina project, prompting the company to commence a formal assessment of opportunities for outright sale or joint venture development of the project.

PBD seeks to sell failed development
Point Grey is an undeveloped site south of the Peel Inlet. Source: Google Maps.

Commonwealth regulatory approval has been granted for PBD Developments' (formerly Port Bouvard) Point Grey marina project, prompting the company to commence a formal assessment of opportunities for outright sale or joint venture development of the project.

The announcement follows approval in 2012 for a 3,000-lot residential development on the site, south of the Peel Inlet.

“We are delighted to have received Commonwealth Government approval for the onshore marina and associated infrastructure at Point Grey. This represents a significant value driver for the site,” PBD Developments CEO Jally Lin said.

PBD paid $93 million, for the 275-hectare site from the Plunkett family, but a more recent evaluation undertaken on behalf of the company valued it at closer to $60 million.

This move reflects a strategic change in the direction of the company, one of many property developers hit hard by the GFC.

The share price fell from a 2006 high of $4-plus to now rest at 2 cents per share, as the company struggles to sell apartments in its $110 million flagship Oceanique development.

With losses that reached more than $100 million in the 2012 financial year, the company embarked on a major reduction of debt facilities and a refocus on property in the eastern states.

Jally Lin, previously a manager at Sydney based Sezone, was appointed CEO in 2013.

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