A Gold Coast landholding which combines a rare combination of water and prestigious golf course frontage and Foreign Investment Review Board (FIRB) approval is on the market.

Fairway Island, in the heart of Hope Island Resort, was being developed by John Marshall's No Limit Group until receivers were appointed to the project in early 2010.

The Receivers, Nicholas Harwood and John Greig, have appointed joint marketing agents; Darrell Irwin and John Meyers of Colliers International Gold Coast as well as Damian Winterburn and James Walsh of CapLand Real Estate Advisors, to market the Fairway Island asset in an Offer to Purchase campaign closing at 4pm, on 5^th August 2010.

Fairway Island boasts 78 residential allotments within an estate that overlooks an expansive waterway and the internationally renowned Hope Island Resort 'Links' Golf Course.

This gated community, accessed via a private bridge providing both privacy and security, has allotments ranging in size from 450sq m to 2,027sq m.

Colliers International's Darrell Irwin said the combination of Fairway Island's water and golf course outlook and FIRB approval made it a unique offering which could appeal to a range of buyers.

"The vendor will consider an outright sale in one line, a structured settlement or a Joint Venture arrangement on the property with an experienced property group with the right skill set to market and develop the property over a reasonable timeframe," he said.

He said the incoming purchaser's strategy may include the construction of some innovative homes to sell as well as marketing the land and luxury homes to specific markets domestically or internationally.

"The property deserves an original approach to the residential product in architecture, design, construction and marketing. We are looking for a purchaser or joint venture group to deliver this."

Fairway Island is located within the $500 million plus master planned Hope Island Resort which boasts the championship Hope Island Golf Course and Pat Cash Tennis Academy.  Other surrounding infrastructure includes Sanctuary Cove with its golf course and retail facilities, Hope Island Marina and boating access to the waterways of the Broadwater and Coomera River.

Damian Winterburn, of CapLand Real Estate Advisors, said the community's location combined with the FIRB status made the island a rare opportunity. 

"Because Hope Island Resort is classified as an Integrated Tourist Resort, one of the benefits of this allows the resale of residential properties to overseas investors without requiring Foreign Investment Review Board approval," he said.

"Because of the FIRB status, Fairway Island provides a great proposition to overseas-based purchasers or potential joint-venture partners seeking a signature development in Australia."

"In addition, premium waterfront real estate has proven itself to be a consistently positive returning asset class which is resilient in demand during market downturns.

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For further information please contact:

Susan Epp
Communications Manager l Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026  
Email: susan.epp@colliers.com 

Darrell Irwin
Director l Special Projects
Tel: +61 7 5588 0225
Mob: +61 419 705 419  
Email: darrell.irwin@colliers.com