Developers were hoping to commence construction late last year but at the same time their financial backers, BankWest, found themselves embroiled in the international credit crisis.

BankWest was then owned by HBOS, one of Britain’s biggest mortgage lenders but with the credit crisis worsening at the end of last year shares fell more than 40 per cent in one disastrous week in September.

With the situation worsening BankWest was eventually bought ‘on the cheap’ by the Commonwealth Bank of Australia (CBA) in December.

Some analysts have said that the HBOS/BankWest group were well-known for high-risk lending at low interest rates.

So the developer, Brewery Australia Developments, is on the look out for a new investor.

“We have been talking to two or three different sources and at the moment it’s looking promising with a venture capital organisation in America,” Ralph Kellar said.

Known as a ‘brewery resort’, the $95m development to be located on the Pacific Highway at the base of heritage-listed Bulahdelah Mountain (also referred to as Alum Mountain), is a first for Australia.

The resort will be constructed in two phases, the first including a brewery and pizzeria with an outdoor stage for live entertainment and a 100-space car park.

The second phase is a tourist facility which includes restaurants, 206 hotel suites, 105 serviced apartments, 23 ancillary commercial tenancies, a chapel, parking for 489 vehicles, swimming pools, tennis courts and conference facilities.

The tourist facility is reliant on the approval (through the Department of Planning) for a 200-lot subdivision on land adjoining the brewery resort. Mr Kellar says this subdevelopment is vital to support the entire tourist development and expects the approval within the next 12 months.