A $400 million luxury apartment project in Noosa is in receivership, adding to the string of failed developments in the chic beachside town.

According to ASIC documents, the Elysium Noosa development went under in late September and is now in the hands of receivers Chris Campbell and John Greig from Deloitte.

According to the Elysium website, the project was being developed by the 80-year-old Sydney property group, Consolo.

The project was supposed to be one of Noosa’s most spectacular developments. A staggering 31 architects were involved in the project, and facilities were to include a social club, tennis courts, parklands, bicycle paths and a dedicated space to exercise unleashed dogs.

According to the project’s website, home sites started at $449,000 while architecturally designed units started at $1.2 million. A total of 189 dwellings were planned, but a report in The Australian suggests just 14 units had been sold at March 31, and no units were sold in the June quarter.

A number of Noosa projects have gone under in the last year.

In October 2008, two developments by Brisbane-based developer Petrac were been placed into receivership: the $200 million Noosa North Shore Resort and the Beach Road Holiday Homes project, which has 30 of its 48 completed units sold.

Source: Smart Company