MELBOURNE-The Supreme Court of Victoria here has lifted restrictions on hundreds of acres on Australia’s eastern seaboard owned by Global Realty Development Corp. of Coral Springs, FL. The restrictions were placed on the company’s assets about 18 months ago as a result of actions that were brought against a shareholder of the company.

Global Realty chief executive Robert Kohn tells GlobeSt.com that the ruling resulted in the immediate return of all of the company’s cash funds, real estate assets and the operations of the company’s Australian subsidiaries. The ruling did not require the company to make any payments, he says.

“We’ve been very limited with what we could do,” he says. “This takes the albatross off; now we can go forward and finalize sales, the income from which we can use to finance ongoing operations.”

Kohn says the company spent about $98 million (including $70 million in debt) to acquire the properties, which total in the hundreds of acres and have a fair market undeveloped value of about $150 million. With infrastructure in place–utilities and roads–the properties’ value could be upwards of $300 million, he says.

The properties are suitable for single- and multifamily residential and commercial development and are located up and down Australia’s eastern seaboard. The properties are located as far north as the Sun Coast, above Brisbane, and then down to the Gold Coast and on down into Sydney and Melbourne. Some properties are on the ocean and some are in metropolitan Sydney as well. The asking price range for individual properties is between $3 million and $8 million.

Global Realty, which is traded on the Over-The-Counter Bulletin Board, has about 86 million shares outstanding and about 423 shareholders. No primary shareholders own more than 25% of the stock, says Kohn. Currently, the share price is around $1.20 per share.

Kohn’s Australia endeavors operated under the company Australian Agriculture and Property Development Corp. until a reverse merger in mid 2005 with Global Realty. As a result, Global Realty now operates through various real estate development subsidiaries that were associates with Australian Agriculture and Property Development. Those subsidiaries include Australian Agriculture & Property Management Ltd., No. 2 Holdings Pty Ltd., and Victorian Land Development Pty Ltd.

In late February, Global Realty’s board of directors promoted Roger Charles Davis to the position of CFO. Davis had been the CFO and director of the three aforementioned Global Realty subsidiaries. The move was in part to offset the leaving of Harry Chauhan, the former president of the company who left the organization to pursue projects in Africa, which is not an area of focus for the new company, says Kohn.

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