Sale Process

Overview

Barry Kogan, Jonathan Henry, Anthony Connelly and Jamie Harris of McGrathNicol as Receivers and Managers of Mainland Property Group, has appointed Ray White Mission Beach and Tropical Property to commence marketing part of the Mainland Property Group’s Mission Beach property portfolio.

Disclaimer

This Due Diligence information has been prepared for Mainland Property Holdings Pty Ltd in its personal capacity and in its capacity as trustee of the Mission Beach Property Trust (Receivers and Managers Appointed) and Mainland Property Holdings No 2 Pty Ltd in its personal capacity and as trustee for the Mission Beach Property Trust No 2 (Receivers and Managers Appointed) (the Vendors). Reference to the Vendor includes to their servants, officers, employees and any person purporting to act on behalf of them.

The term ‘Vendors’ Agents’ refers to Ray White Mission Beach and Tropical Property and includes their servants, officers, employees and any person purporting to act on behalf of them.

The contents of the Due Diligence information are believed to be accurate. However, because the information and other verbal or written information given in respect of the property (‘information’) may be inaccurate or incomplete, proposed buyers should note that:

● The information should be read in conjunction with the Information Memorandum available from the Vendors’ Agents.

● The properties and assets are sold in an ‘as is/where is’ condition (that is, in their present condition and subject to all legal and physical defects).

● No assurance is given by the Vendors, the Vendors’ Agents or any of their respective officers or employees or consultants that any information is accurate, complete or balanced.

● You should not rely on the information. You should satisfy yourself as to its accuracy and completeness through inspections, enquiries, surveys and searches.

● Neither the Vendors, Vendors’ Agents nor any of their respective partners, officers, employees, agents, contractors and advisors makes any representations or warranties with respect to fixtures, fittings, plant, equipment and other chattels on the properties.

● Neither the Vendors, Vendors’ Agents nor any of their respective partners, officers, employees, agents, contractors and advisors makes any representation or warranties with respect to the continuation or enforceability of any license, lease, supply, service consultancy, standard or other agreement referred to in the information following completion of the sale of the properties.

● If you make any offer or sign a contract for one or more of the properties, you will be taken to be not relying on any information (unless otherwise agreed in a written contract with the Vendors).

● No person is authorised to give information other than the information.

● Any information given will not form part of the Contract of Sale.

● Nothing in the information should be taken as a recommendation with respect to the assets or any other matter.

Subject to any law to the contrary, all terms, conditions, warranties and statements, whether express, implied, written, oral, collateral, statutory or otherwise, relating to information and the sale of the properties are excluded and the Vendors and the Vendors’ Agents disclaim all liability to the maximum extent permitted by law.

Those persons associated with the proposed sale have provided all information to a prospective purchaser in good faith.

Proposed buyers accept the information on the condition that they will make their own enquiries and obtain their own independent advice in order to verify the accuracy of the information.

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I'm interested in the following properties
1. Proposed Buyer (Interested Party) Acknowledgement (a) *I/We the undersigned are of the understanding that I/We are in a position to enter into a contract of sale for the Property on the terms contained in this Expression of Interest, and if a Contract of Sale is entered into, I/We will do all that is necessary and complete all documentation required to facilitate the sale of the Property. (b) I/We confirm that I/We have reviewed the Information Memorandum and associated terms and conditions (including the Disclaimer set out in the Information Memorandum) and I/We accept the terms and conditions contained therein. (c) I/We have undertaken our own due diligence and researched details relevant to the Property/s. I/We and have not relied upon any information supplied by the Vendors, the Agents for the Vendors or their respective partners, employees or agents. (d) The Vendors and the Proposed Buyer acknowledge that this is a non-binding Expression of Interest. (e) No negotiations in relation to the Contract of Sale or agreement on the terms of the Contract for Sale will be binding on the Vendors unless and until the Contract of Sale is duly executed by the parties, the deposit is paid and formal exchange is effected. (f) In submitting an Expression of Interest the Proposed Buyer of the Property also fully understands that: (i) the Vendors' rights are reserved as set out in clause 2 of this Expression of Interest; (ii) the Vendors are not contractually bound in any way upon receipt of the Expression of Interest; (iii) the Vendors may consider, prefer, accept or reject any Expression of Interest in the Vendors' absolute discretion, including whether to consider, prefer, accept or reject the highest Expression of Interest made, and without having to attribute reasons or to be accountable in any way to any the Proposed Buyer of the Property/s or any other party; (iv) the Vendors may consider any Expression of Interest subject to any conditions; and (v) if the Vendors accept the Expression of Interest, no binding agreement will exist between the Vendor and the Proposed Buyer until a Contract of Sale is formally agreed between the parties, duly executed by the parties and formally exchanged. 2. Vendors' rights (a) The Vendors agree that the Expression of Interest is capable of being: (i) varied by the Interested Party by written notice to the Vendor. If the Interested Party wants to vary an existing Expression of Interest that has been provided to the Vend or, the Interested Party must do so by no later than the Closing Date; and (ii) withdrawn by the Interested Party at any time by written notice to the Vendor. (b) The Vendors' Agents may notify on Interested Party whose Expression of Interest is being considered by the Vendors. Any notification or correspondence will be given to the Interested Party or the Interested Party's solicitor at the address set out in this form. (c) The Vendors are not obliged to notify an Interested Party that its Expression of Interest is not being considered. (d) If the Vendors notify an Interested Party that its Expression of Interest is being considered, the Vendors and the Interested Party will negotiate with a view to the preparation and execution of the Contract of Sale. The Contract of Sale will be prepared by the Vendors' solicitor. (e) The Vendors are at liberty to indicate to more than one Interested Party that the Interested Party's Expression of Interest is being considered, and to negotiate with more than one Interested Party. (f) The Vendors shall not be obliged to consider any Expression of Interest or to conclude negotiations with any Interested Party. (g) The Vendors may accept or reject any offer or select a preferred Interested Party at any time in its absolute discretion and without providing any reasons. (h) An Expression of Interest received after the closing date may be considered by the Vendors. (i) No unsuccessful Interested Party shall have any claim against the Vendors for any reason. (j) An Interested Party must not make a claim against the Vendors for any reason in connection with this Expression of Interest or the Vendor's negotiation and selection process. (k) No Interested Party may make a claim against the Vendors if the Vendor permits any additions or amendments to any Expression of Interest or should the Vendors sell the Property to any other person whether an Interested Party or not. (I) No negotiations in relation to the Contract of Sale or agreement on the terms of the Contract for Sale will be binding on the Vendors unless and until the Contract of Sale is duly executed by the parties, the deposit is paid and formal exchange is effected. (m) The Vendors may, prior to entering into a Contract for the sale of the Property, decide not to proceed with the sale. 3. Inspection of Property (a) Interested Parties will be deemed to have inspected the Property before submitting an Expression of Interest. The Property should only be inspected by arrangement with the Vendors' Agents. (b) If the Interested Parties will enter the Property in accordance with 3(a), the Interested Party enters at its own risk. 4. General Conditions of Sale & Exclusions (a) The Interested Party acknowledges that it will only submit an Expression of Interest after having made its own examination, investigation and inspection of the Property. (b) The Interested Party (to the fullest extent permitted by law) releases and discharges the Vendor, the Receivers and Managers, McGrathNicol, Naplend Pty Limited in its capacity as trustee for the Naplend No. 13 Trust, SP Agency Services Pty Ltd trading as Ray White Special Projects (Queensland), Mission Fantastic Pty Ltd trading as Ray White Mission Beach, and Tropical Endeavours Pty Ltd trading as Tropical Property Sales (collectively Vendors' Agents) and their respective partners, employees, agents, contractors and advisors from all liability in connection with any brochure, advertisement, representation, advice or other information made or provided by any one or more of them. 5. Confidentiality (a) The Interested Party acknowledges that any information discussed or obtained by the Interested Party in relation to the Property which is not in the public domain is provided on a strictly confidential basis and is not to be disclosed to any other party unless the disclosure is specifically authorised by the Vendor in writing.