Sanctuary Cove, Gold Coast

Queensland State Archives posted a photo:

Sanctuary Cove

Cabinet heard several submissions regarding the Sanctuary Cove Resort during 1986 (see for example, Dec. 49574). At a meeting in Mackay on 13th October, the Premier raised that the development ‘could be placed into liquidation without assistance’ (Dec. 49973).

By December the project was at a ‘crisis point’ and the Premier argued for a government loan of $5 million to pay
Discovery Bay Developments Pty Ltd. The Government had already provided $5 million along with Westpac $7 million, AIDC $15.5 million and Beneficial Finance $20 million (Dec. 49973).

Cabinet was told that Beneficial Finance Corporation subsequently had decided not to advance the additional $5 million outlined in an October submission and would not proceed with the syndicated loan facility. Westpac was therefore attempting to arrange the syndication itself but had been unsuccessful. Thirty banks had been approached – but not one had come on board and

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