IDALIA PUB DRA WS NEARER T O REALIT Y

Townsville Bulletin - - NEWS -

MEL­BOURNE- B ASED pr o p e r t y syn­di­ca­tor Peak Equities has added to its $ 22 mil­lion ac­qui­si­tion of The Precinct shop­ping cen­tre at Idalia by ac­quir­ing an ad­ja­cent long- dor­mant tav­ern site.

The site dates back a decade when Cairns devel­oper Tom Hed­ley started build­ing a tav­ern but then ceased work be­fore his devel­op­ment group went broke amid the global fi­nan­cial cri­sis.

Col­liers In­ter­na­tional Townsville, which was also in­volved in The Precinct deal, ne­go­ti­ated the sale.

Col­liers as­so­ciate di­rec­tor Neville Smith said Peak Equities planned to de­velop the site as a tav­ern or com­mer­cial op­er­a­tion.

“They were look­ing for ex­pan­sion op­por­tu­ni­ties for their ( shop­ping cen­tre) as­set and saw this as a good op­por­tu­nity,” Mr Smith said.

The sale of al­most 1ha site has been re­ported at $ 1.4 mil­lion, a far cry from the 2007 boom times when the Hed­ley group ac­quired the block for $ 6.9 mil­lion. The site is ap­proved for a ho­tel/ tav­ern devel­op­ment and has ap­proval for 45 gam­ing ma­chines.

An­other three sites in the area – a mixed- use apart­ment and re­tail devel­op­ment at 11 Kokoda St and two va­cant sites at 7 Kokoda St and 34- 38 Stu­art Drive – cur­rently are be­ing mar­keted for sale.

Ray White Com­mer­cial Queens­land’s Stephen Kidd said there had been solid in­ter­est from lo­cal and in­ter­state par­ties for these sites.

LONG WAIT: An artist’s im­pres­sion of the orig­i­nal tav­ern planned for the Idalia site by the Hed­ley Group.

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