Thursday, October 25, 2012
Trouble In Paradise - Soul
The Soul apartment development in Surfers Paradise went into receivership today, most likely due to a large number of unsold apartments, pre-completion off the plan contracts that did not settle, and a falling Gold Coast market. This is not a surprise. The Oracle development at Broadbeach went into receivership last year. At Soul, receivers were appointed over a number of Juniper companies. Graeme Juniper, who developed a number of apartment complexes on the Sunshine Coast, bit off more than he could chew and got his timing wrong. See Soul in Receivership
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