NickStenning

Lennox's loss

THE doom and gloom of the global economic crisis has delivered a googly to Lennox Head sporting groups, with news they face an indefinite wait for extra fields in the wake of the Petrac collapse.

The Queensland-based development company was contracted to provide infrastructure for two sporting fields along with their $200 million Pacific Pines housing estate in Lennox Head.

But the credit crunch that has brought the world's major economies to a halt saw Petrac's lenders call in their debt and the Lennox Head development was placed in the hands of receivers along with three other major projects, including one proposed for Suffolk Park.

The Royal Bank of Scotland appointed Pricewaterhouse Coopers as receivers and the land is expected to be put up for sale soon.

Ballina Shire Council general manager Paul Hickey said the new owners would also be obligated to build the fields.

“Petrac bought the land ... there was always an obligation on the owner to provide sporting field infrastructure at a certain stage,” Hickey said.

The obligation was part of the initial contract on the land issued 20 years ago.

“Obviously now the receiver has to find a new owner for the property. They will still be obliged (to build the fields),” Hickey said.

“The land is there. They just need to put in the infrastructure.

“Petrac were promising the delivery of those fields as soon as possible.

“But now obviously with them in receivership, we'll have to wait and see what the timing is.

“From our perspective, we will be pursuing the new owner as a matter of high priority to deliver those fields as soon as possible.”

Under the contract, then new owners will have to provide car parking, road access, amenities and infrastructure for a senior and a junior cricket field, which will be also be used for winter sports.



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