Peppers Pier to auction 21 units
A FIRE sale is the latest chapter in the saga of Hervey Bay’s embattled Peppers Pier Resort.
The $80 million complex opened with much fanfare in 2007 but by September 2009 the resort’s developer, Hervey Bay Pier Resort, had run into serious trouble with the banks.
The result was their stake of 21 units and the adjoining Bayswater Hotel had been placed in the hands of receivers.
At the time PBS receiver Grant Sparks inaccurately predicted the assets would go on the market within a couple of weeks.
He also ruled out a fire sale of those assets.
Mr Sparks and fellow receiver Ray Richards have now moved to auction the 21 apartments, setting down the date of Saturday, March 27, for them to go under the hammer.
Mr Sparks did not return the Chronicle’s calls yesterday.
The Bayswater was developed by Sydney-based Ross Bradman and Peppers was developed by Graham Allen, also from Sydney.
Peppers, a multinational resort corporation, is not in receivership and the Bay resort’s body corporate is reportedly in a strong position.
The resort is also continuing to take bookings for the more than 100 already privately owned units.
Most of the 1-, 2- and 3-bedroom apartments up for auction, which are spread across the complex’s six storeys, are fully furnished, according to a full-page advertisement in today’s Fraser Coast Property Week. Five of the offerings are penthouses.
The resort’s conference room, day spa and retail hub are also under receivership but it is not known when they or the Bayswater will go on the market.
The auction is being held in the Peppers conference room and is being marketed by Glenn Fallon and Peter Alexander of Ray White Commercial Queensland.
Mr Fallon was unable to comment yesterday except to say that Ray White’s PR department would be making a statement about the auction.
A three-bedroom-plus-study penthouse at Peppers has previously fetched more than $2 million.