A Dream Deferred: The Unbuilt Vue Eco Village
"The problem with off-the-plan is that the thing is not built. It's just a concept." – Richard Harvey, solicitor
More than a decade after its announcement, a planned affordable housing development in Lismore, New South Wales, remains an empty lot. The Vue Eco Village, a project promising over 200 modular, environmentally friendly units, was marketed by Green Vision Developments but has never materialized.
The site in Goonellabah sits vacant, marked only by a faded "Sold" sign. For former local Serge Killingbeck, the project became a personal financial nightmare. He paid a $36,000 deposit in 2021 for a unit, with a promised completion date of 2022. The developer did not meet the deadline.
When Mr. Killingbeck attempted to terminate the contract in 2023, the developer’s lawyer informed him that the contract had been terminated due to his default—and that his deposit would be retained.
Green Vision Developments stated the property had been sold and creditors paid, but did not respond to specific questions about deposits. Pacifico Property, which marketed the project early on, said it is no longer associated with the project and had understood deposits were returned.
Key Background:
- The development was originally called Altitude 2480 before being renamed The Vue Eco Village.
- Green Vision Developments was previously known as James Penny Properties.
- In 2013, ASIC began strike-off action against the company; a creditor attempted winding-up proceedings in 2019 over a $69,000 debt, which was repaid.
- Lismore's rental vacancy rate is just 0.6%, and unit prices have increased by 36% since 2021.
A Cautionary Tale
Serge Killingbeck expressed his disappointment: "[The development] was a good idea and it still is, which is why it's so disappointing that it's fallen over."
Solicitor Richard Harvey advised prospective buyers to exercise caution: "The problem with off-the-plan is that the thing is not built. It's just a concept." He emphasized the importance of thorough due diligence.
A spokesperson for Pacifico Property noted the project's troubled history: "[The working relationship] went sour by the time we'd sold the first 110 [units]."
For buyers in a tight housing market, this cautionary tale underscores the risks of off-the-plan purchases, where vision can far outpace reality.