Intriguing return to form

CONFIDENCE must be growing in Cairns if former high flyer Tom Hedley is back in the development game.

Mr Hedley, who was behind many multi-million-dollar apartment buildings in the city’s heart more than 10 years ago, crashed spectacularly in 2009 with his businesses owing $400 million, mainly to big banks. He was a victim of the Global Financial Crisis and the dramatic falls in the share market.

At one stage he owned a chain of hotels and bottle shops which he sold to Coles for more than $300 million and by 2007 he was estimated to be worth $715 million.

Since 2009 he has kept a mainly low profile but in the fallout managed to keep his beloved Red Beret Hotel at Redlynch in family hands and has spent a substantial amount upgrading the popular venue.

Mr Hedley has also retained his love of racing and this year the pub is sponsoring the flagship Cairns Cup race. He is the Cairns Jockey Club’s vice-president.

That Mr Hedley is putting his toe back in development waters with a 16-unit apartment building suggests lenders are prepared to consider the 4870 postcode again.

There have been no significant apartment or unit projects in Cairns for years as the return on investment has been poor with other factors such as high body corporate fees and insurances deterring buyers.

Mr Hedley’s return could inspire others to dust off their building plans and give further impetus to the economy.