A retired Queensland couple had their luxury apartment contract torn up days before Christmas due to a sunrise clause allowing the developer to terminate the agreement.
Pascale and Daniel Sinclair purchased a three-bedroom apartment at Ruby Ruby in Milton after selling their business in 2024.
They hoped it would be their forever home.
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But after paying a deposit of $257,000, delays soon began.
"We bought in '24, they were supposed to start building January '25, nothing happened, no demolition, no builder on site, no announcement ... nothing," Mr Sinclair said.
Kokoda Property Group then terminated their off-the-plan contract three days before Christmas.
They received an email announcing a new builder, Maxcon Construction, and that the building contract and construction were subject to finance approval due to increasing costs and worker shortages.
A day later, they were offered the chance to repurchase the apartment at more than $3.8 million - about $1.2 million more than what they had first agreed to.
"We bought for $2.6 million, they're gonna put it back onto the market at $4.14 million and they're gonna give us an 8 per cent discount on that," Mr Sinclair said.
Solicitor Duke Myrteza, whose wife has also had her contract torn up, said it was unclear if the sunrise clause would be accepted in court.
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"It remains to be seen whether clauses like this will be accepted by the courts, because the right is only given to the developer to terminate in these circumstances unlike a sunset clause where both parties are entitled to terminate the contract," he said.
The Sinclairs have been given until January 16 to either pay the new price or receive a refund of their deposit and interest.
They are concerned they have now been priced out of the market.
"I mean the building itself is phenomenal, it's spectacular, but it's definitely not worth $27,000 a square metre," Mr Sinclair said.
In a statement to 9News, Kokoda Property Group said it became clear that additional revenue must be secured for the development of Ruby Ruby to be feasible and that the group exercised its contractual rights to terminate the contracts.
Early works have commenced and construction will continue once financing conditions are met.
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