No sale for Port Hinchinbrook

The Australian

No sale for Port Hinchinbrook

Fiona Cameron

28 March 06

No sale for Port Hinchinbrook
Fiona Cameron
28mar06

KEITH Williams' $50 million deal to sell his Port Hinchinbrook residential project to developer Russell McCart's Meridien has collapsed.

In a joint statement yesterday, the parties said they had been "unable to find common ground in matters regarding planning, which has blocked any opportunity of a full settlement and the proposed takeover by Meridien".

Williams Corporation said it would substantially modify and reinstate its application for stage two of development at the north Queensland project. Meridien's plan to purchase the residential project was announced in January. Stage one of Port Hinchinbrook was approved in 1994, but it was targeted by environmental protesters from the outset. Stage two, including a golf course, motel and residential lots, was rejected by Queensland's Environmental Protection Agency last year.

An earlier plan for Mr Williams to sell the project to Gold Coast developer Craig Gore for almost $23 million collapsed in 2004.

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