Sunshine Coast Council withholds details of failed Brisbane Road carpark deal with Abacus

Ratepayers could wait another 12 months before they learn details of the failed deal between Sunshine Coast Council and Abacus for a $175m project.

It could be another 12 months before the public learns the details of a failed deal between Sunshine Coast Council and Abacus Group for a $175m redevelopment of the Brisbane Road carpark site in Mooloolaba.

The council this week refused to release details of the controversial deal which was reported to have been set to deliver a major development on the prime site but failed to significantly address the 1000-carpark shortfall in Mooloolaba.

The deal ultimately fell over when Abacus Investments Pty Ltd withdrew from negotiations in July, 2018.

The council paid Abacus $900,000 for planning information and intellectual property related to the failed deal which sparked criticism from former councillor Greg Rogerson.

In December, 2018, councillors agreed to release details of the ill-fated deal to the public once the procurement process for design and construction of the new Brisbane Road carpark had been finished and a tender awarded and an approval had been given to develop the remainder of the Brisbane Road carpark site.

Mr Rogerson had sought the immediate release of the details but was opposed by a majority of councillors.

It meant the public’s knowledge of the deal hinged on the approval of KPAT Property’s plans to develop the balance of the Brisbane Road site.

Kenneth Wagner’s KPAT Asset Management was due to pay the council $7.2m for the site with international hotel and resort chain Minor Hotel Group on board to operate a proposed 160-room, 158-carpark hotel.

Mr Wagner said he expected to be lodging a development application with the council in the “coming weeks”.

He said Covid-19 had slowed their process slightly but he was confident with where they’d landed and looked forward to working through the approval process soon.

Mr Wagner said he aimed to start construction on the project mid-2022 once approval had been secured.

Originally published as Sunshine Coast Council withholds details of failed Brisbane Road carpark deal with Abacus