Developer revives Idalia tavern plan
WORK could start on a multimillion- dollar tavern and club project at Idalia early next year if the plans of a Melbournebased property syndicator are realised.
Peak Equities has acquired a 1ha site at Village Drive opposite The Precinct shopping centre for $ 1.4 million where the pub has long been planned and approved but never built.
The site dates back a decade when Cairns developer Tom Hedley started building a tavern but then ceased work with foundation work done before his development group went broke amid the global financial crisis.
Peak Equities executive director David Borsky said they wanted to complete the tavern to the site’s size and potential.
“We are in discussions with some club operators as well as considering the pub model for that site,” Mr Borsky said.
“Once we have advanced discussions with a few parties and once we have a committed manager and tenant, it will be full steam ahead.
“We expect it will be a tavern and more, whether it’s a club and pub.”
Mr Borsky said it may be possible to use the original concrete foundations in a new project but it was likely it would have to be removed.
“We had some testing done and ( the foundations) are actually in pretty good condition,” Mr Borsky said.
“If it fits in with an operator’s plan then we’ll use it where possible.”
Peak Equities acquired The Precinct shopping centre at Stuart Drive for $ 22 million earlier this year as an investment portfolio paying monthly cash distributions to investors of 8.8 per cent per annum. Mr Borsky said they were attracted to Townsville by the diversity of its economy, anchored by education, defence, agriculture, mining and tourism.
With capital city markets performing well, they looked to regional centres with strong fundamentals and not reliant on any one sector.
“We also see that Townsville has been going through a difficult period since the GFC and probably has been slower to recover than other centres like Newcastle but we see that it’s about to begin an upswing,” Mr Borsky said.
He said they not only want- ed to raise the profile of The Precinct but believed there was significant development opportunity in the area.
“It’s a large and affluent part of Townsville and near the army base,” Mr Borsky said.
“There’s opportunities not just in terms of what’s there but in adding some other amenities.”
Mr Borsky said they were finalising a 12- month marketing campaign for The Precinct.
He hoped to secure a tavern operator and finalise plans with the potential break ground on the Village Drive site early next year.