J Holland sells resorts
Fiona Cameron
June 22, 2007
JOHN Holland has sold out of three north Queensland resort developments to focus on its core construction engineering business.
John Holland, a subsidiary of Leighton Holdings, announced yesterday that it had sold its interests in the developments for an undisclosed sum to its joint venture partner, Queensland-based Satori Resorts.
Satori is owned by Warren Witt of the Queensland-based Witt Property Group and businessman Rod Lamb, an executive director with Sedgman Ltd.
The joint venture owns sites at Little Cove and Mission Beach, where it has development approvals for planned resorts with end values of $108 million and $104 million respectively.
It has not finalised its purchase of the Ella Bay site, but settlement is due once development approval is granted.
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