CRIGHTON Properties has gone into administration, halting plans for a $73 million tourist and accommodation complex in Tea Gardens and leading to about a dozen job losses in the area.
Last Wednesday ANZ Bank appointed David Solomons and Riad Tayeh of de Vries Tayeh Chartered Accountants as voluntary administrators to all companies in the group behind the Tea Gardens Riverside development.
When the news came through at least 10 employees based at Crighton offices in Tea Gardens for land sales and building were forced to walk off the job.
Crighton Properties managing director Geoff Cox said the difficulties that prompted these actions were to do with the nine-year wait to secure zoning approvals from State Planning.
"I have sympathy for the bank, whose patience had been sorely tested over the last nine years while the company suffered a death of a thousand cuts, in trying to secure approval from the NSW Department of Planning and Infrastructure to secure Concept Plan approval to develop the Riverside site," Mr Cox said.
The Crighton Group was determined to remain in the land development business, and meet its financial obligations, he said.
Crighton Properties has had a history in development in Tea Gardens and was behind establishing Tea Gardens Grange Lifestyle Resort, Myall Coast Health and Medical Centre, Myall Quays Shopping Village and The Hermitage Lifestyle Resort.