Plans for a A$1.5bn (£802m) Trump Tower on Australia ’s Gold Coast have been scrapped just three months after they were announced, with the developer blaming the US president’s “toxic brand” and the Iran war for the project’s collapse.

Altus Property Group chief executive David Young said that the Iran war had made the Trump brand increasingly difficult to work with in Australia .

“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia,” he said. “Some time ago, we knew it was time to part company. It was not about not meeting obligations. There are other luxury brand options for us.…