Hemp guru buys home
HEMP investor and financial planner Brad Stewart has purchased one of Townsville’s most prestigious homes, it can be revealed.
The 5 Melton Terrace mansion — the former home of beleaguered Storm Financial founders Emmanuel and Julie Cassimatis — is believed to have sold for around $1.5 million.
SUCCESSFUL hemp investor and financial planner Brad Stewart is the proud new owner of one of Townsville’s most prestigious homes.
Mr Stewart confirmed yesterday he is the buyer of 5 Melton Terrace, a five-level mansion on Melton Hill.
It is understood the 1000sq m home sold for about $1.5 million — the price it achieved the last time it changed hands in 2011.
“It is the family home. I intend to be here for the rest of my working life,” Mr Stewart said.
North Ward Realty agent Clint Wallis said the sale was one of a dozen deals worth a total of $6 million he had sealed since December.
“I think the market is starting to move again now which is a positive sign,” Mr Wallis said.
“A heap of people have been sitting on their hands waiting to see what the market in Townsville does. There’s some confidence coming back.”
Mr Wallis said 5 Melton Terrace was probably Townsville’s most iconic home.
“There’s not many five-storey houses in Townsville with an area of 1000sq m under roof. The house is bigger than most people’s house blocks in Townsville,” Mr Wallis said.
“You are right on top of the hill overlooking the casino and marina with massive views down to the new stadium as well.”
Mr Stewart owns investment firm Evolution Financial and made a fortune as a founding investor in hemp sensation Ecofibre.
He and five other investors climbed in from the start, taking the punt to fund the company’s early development.
Ecofibre, which grows cannabis for food, for medical uses and, hopefully, soon for hemp textiles with anti-microbial properties, is now worth about $1 billion.
Mr Stewart, with a group of other
North Queensland investors, holds about 25 per cent of the stock.
The house at 5 Melton Terrace was developed by Emmanuel and Julie Cassimatis, the founders of failed wealth adviser Storm Financial.
The home was designed by Townsville architects Bruce Barrett and Paul Hotson and took some three years to build before it was completed in 2004.
It has eight bedrooms, three decks, two pools, a four-car garage and a striking varnished granite outcrop that emerges from a polished marble floor in its foyer.