The court of appeal this morning dismissed the appeals of fourteen off-the-plan buyers of luxury apartments in Broadbeach’s “iconic” Oracle complex.
The buyers who first lost in December, had argued the management rights arrangement with Mantra hotel chain, Peppers had changed the character of the precinct.
The trial judge agreed that Tower 1 had in fact, become known generally as Peppers Broadbeach rather than The Oracle but said that this was something that their boom-time contracts did not protect against. The short stay letting of apartments on behalf of participating owners, was something envisaged by the disclosed managements rights scheme, whether it be by a prominently branded hotel chain or otherwise.
Their appeals were unanimously rejected by the three appeal judges and the buyers ordered to pay the Oracle receivers’ legal costs on an indemnity basis.
