LESS than a year after it was launched with much fanfare, the CEC Group has sold the site of its proposed gated community 'The Boulevarde'.
A joint venture involving banking group Investec and a company called Norventure Pty Ltd bought the site for $5.5 million.
CEC group chief executive Roy Lavis said the decision continued the policy of "identifying properties that were outside our core business".
"The decision was made to fully service company debt," he said.
"All of these decisions are hard but it means we are back in business."
The new joint-owners are yet to announce how they plan to progress the development but are expected to hold a grand "relaunch" towards the end of the month.
Norventure is based at Sheldon, in Brisbane's southern suburbs. However, company representatives were unavailable for comment this week.
Investec was founded as a small finance company in South Africa in 1974 and has since expanded internationally.
Former Cairns mayor Kevin Byrne launched The Boulevarde in September last year, amidst much discussion about such homes being the obvious choice for first home buyers.
There was a rush of buyers in its first week on the market, with sales exceeding $6 million in total.
While the project may still prove a success, CEC's debt troubles have prevented any major construction work taking place.
