Revealed: How many millions Masters' lost on Bundy land buy
AS THE Planning Minister considers the region's latest controversial development - the nine-storey Bargara Jewel highrise - the staggering loss one previous project that was called in faced in its bid to set up shop in Bundy has been revealed.
Masters shelled out just short of $9.5million for the land along FE Walker St.
Eighteen months on from the resale of the block of land at Kepnock, the NewsMail can reveal Spotlight purchased the land for a staggering $8.8million less than Hydrox Nominees Pty Ltd paid just two years prior.
Hydrox was the joint venture company Woolworths set up with US firm Lowe's to run Masters before it collapsed.
RP Data figures show Hydrox Nominees Pty Ltd paid a whopping $9,410,643 for the 3.75ha plot in August 2015, with plans to build the hardware chain on the block next to German supermarket giant Aldi along Santalucia Boulevard.
But two years later, the land was sold to Bundaberg Spotlight on June 22, 2017, for just $605,000.
Masters closed the doors to its stores in December 2016, leaving 21 sites undeveloped across the nation.
Spotlight Retail Group claimed 19 of the development sites, including Bundaberg.
The controversial Bundaberg Masters development was called in and approved by the then-planning minister Jeff Seeney in September 2014 after its Bundaberg Regional Council approval was challenged in the Planning and Environment Court.
Masters was granted extensions to start construction, but the delays turned permanent when Masters spectacularly collapsed.
Spotlight was contacted yesterday about its plans for the site but did not respond.
Queensland Planning Minister Cameron Dick called in the Bargara high-rise in December, with a decision expected by late April.