Phillip Island Resort Scheme (ARSN 155 658 307)
Villa Owners were concerned at the low level of returns and therefore called a meeting of Villa owners which was held on 24th September 2015 where Primary was appointed responsible entity of the scheme.
On 30 June 2016, Primary served notices of termination on the manager of the scheme which resulted in the Manager commencing proceedings agains Primary for an injunction restraining Primary (and its associated company) from taking over management. At a mediation in those proceedings, Primary and the manager renegotiated the management agreement to improve the position of Villa Owners. Amendments to that agreement are currently being drafted and will be put to Villa Owners for their approval soon.
Villa Lease Common Provisions Download (350 k)