Developer Damien Cavallucci avoids $6.1 million payout after court overturns Newstead penthouse ruling

Queensland’s Court of Appeal has overturned a Supreme Court damages award and ruled that developer Damien Cavallucci’s CAV Gasworks Pty Ltd acted lawfully when it cancelled Brisbane businesswoman Yiping Jiang’s contract for two Newstead sub-penthouses under a sunset clause. The developer later resold the apartments for a combined $8.8 million after terminating the $4.2 million deal, and the earlier $6.1 million payout ordered for lost capital gains has been stripped away.