Newspaper article The Observer (Gladstone, Australia)

Luxury Resort Back from Dead; Region Rapt Lagoons@1770 No Longer Languishing

Newspaper article The Observer (Gladstone, Australia)

Luxury Resort Back from Dead; Region Rapt Lagoons@1770 No Longer Languishing

Article excerpt

Rob Black

Reporter

AFTER five years in the wilderness, development on The Discovery Coast is back, and the most visible sign is the Lagoons@1770 site; again a hive of activity.

The 121-unit $50 million luxury resort fell foul of the Global Financial Crisis and has stood half-built as a symbol of a stalled economy for years between the townships of Agnes Water and Seventeen Seventy.

But optimism is back in the southern parts of the Gladstone region, since the sale of the project last month to an investment superannuation fund, and the clean-up of the site is well underway.

Project manager Gary Johnstone is back as well, fulfilling his promise to the town to see the project through despite the financial problems with past developers and financiers.

C[pounds sterling]I think we had this conversation about four years ago and I said then that I would finish it Co and here we are,COCO Mr Johnstone said.

C[pounds sterling]It will take us about two months to do a bit of tidying up and rectification work to get it back to how it was, but then it should take about 12-14 months to finish it. …

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