FOR SALE: The Pacific Pines Estate site at Lennox Head.
FOR SALE: The Pacific Pines Estate site at Lennox Head.

Receiver puts up ‘for sale’ sign on Pacific Pines

DEVELOPMENT company Petrac still owes a ‘substantial amount’ of money to the former owners of a Lennox Head site which sold for $57 million two years ago.

Petrac Lennox Head bought the 80-hectare Pacific Pines Estate in March, 2007.

It gained approval for a master planned community of more than 1700 people.

The plan provides for 481 homes, 312 retirement units and medium-density housing. It also includes a shopping centre, tavern and community centre.

However, Petrac went into receivership late last year.

PricewaterhouseCoopers was appointed receiver by the Royal Bank of Scotland and is now preparing to sell the Lennox Head site.

A partner in the firm, Greg Hall, said that there had already been a lot of interest in the land.

“The advertisements started appearing this week and there have been quite a number of calls,” he said.
“It’s for sale by expressions of interest, closing on February 25.”

Mr Hall confirmed former owners Bob and Judith Pidock were one of Petrac’s creditors.

“They are still due some money. I understand it is quite a substantial amount,” he said.

It is also understood any new buyer could choose to scrap the already-approved plans for Pacific Pines Estate.

“Buyers will be able to put all sorts of different proposals to us,” he said.

“They will take into consideration the cost of the property and the costs of development.

“I’m in the process of having it valued. That will be confidential.”


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