GFC blamed for centre delay
PLANS for the Casuarina Beach town centre have been delayed as developers struggle to obtain finance for the project.
The town centre was approved in October 2009, with work due to begin early last year and completed early this year.
However work is yet to begin.
Consolidated Properties property development manager Stephen Pink said an unstable economic climate was the reason behind the delay.
“The global financial crisis caused a dry-up in available funding and the banks simply weren't lending any money,” Mr Pink said.
“At the moment we're negotiating documentation with banks and we expect subdivision of the area will begin late this year.”
Casuarina Residents Association outgoing president Ron Bryant said the Casuarina community had been waiting patiently for years.
“When we read the statement from the developer at the last association meeting a lot of people were really upset,” Mr Bryant said.
“This thing was promised years ago and we have been patiently waiting.”
“Naturally, we're disappointed.”
Mr Bryant said it was in the developer's interest to complete the centre as soon as possible as it would increase its housing and land sales.