High-profile properties back on market

TWO massive rural Sunshine Coast properties bought in controversial circumstances two years ago, have returned to the market.

The 1643ha Yalanga Station at Como has set a sales record for a single freehold property.

TWO massive rural Sunshine Coast properties, which Hong Kong-based sustainable housing company Nexis Holdings bought in controversial circumstances two years ago, have returned to the market, also in less-than-ideal circumstances.

The two properties are Yalanga Station, a 1642ha mixed-use farm in the Noosa hinterland that has Kin Kin Creek along its southern boundary, and a 500ha Beerwah macadamia nut farm once owned by former Queensland Labor MP Ken Hayward. The sale price for the Noosa property in April 2010 was $25 million.

The properties combined were believed to have sold for a total of $40-45 million.

Earlier this year, the Supreme Court ruled the sales were fraudulent, and based on deceitful claims, and ordered that they be returned to their original owners.

The Commonwealth Bank, which is owed unpaid interest relating to the sales, repossessed the two properties and has taken steps to have them sold.

Nick Dowling, of Colliers International Sunshine Coast, which is marketing the Noosa property, said he had received "a number of calls that have been encouraging". All of the interest so far has come from Queensland, both coastal and "from out west".

"Yalanga Station has the potential to be made into a true working farm," Mr Dowling said.

"It has the land area to run approximately 400 to 500 head of cattle as well as land for cropping purposes. It is approximately 37 kilometres by road to Noosa Heads and it is an idyllic spot with views to Noosa North shore and the hinterland."

The property is thought to be one of the largest land holdings in the Noosa region and comes with its own airstrip.

Originally published as High-profile properties back on market