Beveridge’s faith in Charters Towers pays off Frank acts fast
FORMER Charters Towers mayor Frank Beveridge admits he might have just secured an opportunity of a lifetime.
But he says to secure such opportunities, you have to act.
“Sometimes you have to be aggressive and do it,” he said.
“I read once the opportunity of a lifetime has to be acted upon within the lifetime of the opportunity.”
Mr Beveridge was commenting after buying a holding including the former Crown Hotel Motel in the town’s city centre for a price said to be “only marginally more” than its asking price of $ 295,000 plus stock at valuation.
The 4482sq m property, at 119 Mosman St, includes a strip of retail shops, a hotel with public bar, bistro, beer garden, drive- through bottle shop, eight motel rooms and a manager’s residence.
While most of the shops were already leased, since the sale new tenants have been attracted including the Goldfields Bakery, which has converted the drive- through bottle shop, Triceps Gym and Prospects Community Services, which will use the former pub’s bar area as air- conditioned premises for their activities.
Also, the operator of the nearby Commercial Hotel has taken a lease over the motel rooms and manager’s residence, meaning the property is fully occupied.
Ray White Commercial Townsville director Adrian Pascoe marketed the property for a “motivated vendor” who wanted the property sold.
“We had many inquiries and multiple offers. It was very competitive,” Mr Pascoe said.
Even so, he admitted it was good buying under the circumstances.
“It’s certainly a asset,” Mr Pascoe said.
Mr Beveridge, who was tipped out of office at the last council election, also has a share in the ownership of another Charters Towers motel and owns the freehold of the Mud Hut Hotel at Richmond.
Mr Beveridge said yesterday’s announcement by Indian company Adani that it was quality proceeding with development of the $ 16.5 billion Carmichael coal project would spur development of the region, including Charters Towers, but that the project did not figure in his thinking.
He said Charters Towers would benefit not just from Adani but development of the Galilee Basin with other mine proponents likely to now proceed with their plans.
“I’d like to say I carefully analysed the market and that it was not just pure luck,” Mr Beveridge said.
“I’ve always had Charters Towers.”
He said Adani’s project would be the catalyst for renewed investment in North Queensland. faith in