Sunland project for Coronation Drive site held up by legal challenge
TWO rival parties are fighting a costly and protracted legal battle to decide the fate of the old ABC studios site at Toowong. We know a lot about the respondents but virtually nothing has surfaced about the applicant – until now.
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TWO rival parties, each with extremely deep pockets, are fighting the costly and protracted legal battle to decide the fate of the old ABC studios site at Toowong.
We know a lot about the respondents but virtually nothing has surfaced about the applicant – until now.
On one side we have Gold Coast developer Sunland, which acquired the prominent 1.5ha riverfront property on Coronation Drive for $20.8 million in late 2013.
The company, headed by Sahba Abedian, has secured highly controversial approval for a $500 million project with 558 units spread across three separate towers.
Standing in their way is a woman named Kate Peta Bell, who just scored a legal win this month which can only spell more financial pain for Sunland.
Bell bought a neighbouring riverfront home for $1.27 million about six months before Sunland snapped up the ABC property.
She then sued Sunland and the Brisbane City Council in mid-2015, alleging the “Grace on Coronation’’ complex would diminish views of the river and overshadow her home.
Her legal challenge was knocked back in May last year, even though each of the towers, slated for 24 to 27 storeys, would dramatically exceed the town plan cap of 15 storeys.
But earlier this month that decision was thrown out by three Court of Appeal judges, who cited “errors of law’’ and sent the matter back to the Planning and Environment Court.
They ruled that their lower court colleague had “formed his own judgment of what was in the public interest without recognising the relevance’’ of the town plan.
MAKING A FORTUNE
SO WHO are Kate Peta Bell and her hubby Richard Bell, the super wealthy but very low-profile couple who exemplify what just might be the ultimate example of the Not
In My Back Yard syndrome?
It’s understood that Kate, 43, comes from a well-to-do family on the Gold Coast, where her father made a name for himself in the tourism game.
But the mega-millions the duo control come largely from Richard, 50, who started life as a solicitor in Brisbane before heading overseas in the early 1990s.
Based in New York, he variously flogged equities at SG Warburg and served as head of Wilson HTM stockbroking.
He returned to Australia in the late ’90s, when he launched listed telco Reverse Corp and oversaw its expansion into New Zealand, the UK and Ireland.
Richard served as its CEO until 2007, the year he cracked the BRW Rich List for the first time with an estimated fortune of $183 million.
He still sits on the Reverse Corp board and remains the single biggest shareholder, controlling 22 per cent of the stock.
A serial investor, Richard has also secured a stake in the rapidly growing Guzman Y Gomez restaurant chain and snared the exclusive rights to actor George Clooney’s Casamigos tequila.
THE HARD WORD
PERHAPS his most intriguing move has been to take up a director’s role with the Androfin Foundation, a non-profit research group trying to develop a male contraceptive implant.
Androfin is aiming to raise $22.4 million to fund the invention and trial of a temporary and reversible alternative to condoms and vasectomies, both of which date back to the 19th century.
“When it comes to male contraceptive methods currently available, the reversible methods are not reliable and the reliable methods are not reversible,’’ the group’s website helpfully observes.
Launched in Milton late last year, the foundation has attracted some heavy hitters to the board, including Peter Ritchie, a former top gun with McDonald’s, Westpac and the Seven Group.
Developer Tom Ray, son of the late Gold Coast property player Brian Ray, and legal eagle James Bell QC (Richard’s half-brother) also donate their time as directors.
Providing the medical know-how are ace researchers David Handelsman, Bob McLachlan and Bruce Robinson.
NO CONTACT
RICHARD did not return a call seeking comment yesterday and Kate could not be contacted.
As for Abedian, he’s been very restrained in his commentary as Sunland legal teams pore over the latest ruling.
“We will await the outcome of this process,’’ he said about the return to the Planning and Environment Court.
“Sunland Group remains committed to delivering a world-class residential development on the Toowong site, which delivers enduring architecture and expansive riverfront recreation
spaces to the community.’’
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