De­vel­oper re­vives Idalia tav­ern plan

Townsville Bulletin - - NEWS - TONY RAGGATT

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.

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