Resolute takes prominent position

LAW firm Resolute Legal is developing its business on solid foundations with the acquisition of an old but sturdy property in Townsville’s CBD.

The firm’s Michael and Rachel Spearman have bought the twolevel building at the corner of Denham and Walker streets once occupied by the former Australian Mercantile Land and Finance Company which helped shape the state’s early development.

Resolute Legal was established three years ago and previously occupied a small leased office.

Mr Spearman said the growing firm needed more space and they were delighted to buy a solid building that was in such a prominent position.

“The space with its carparking is something that suits us well. It meets or exceeds our current requirements,” Mr Spearman said.

The Australia Mercantile Land and Finance Company operated from the site, while it was also used by the United States Army during World War II.

“The land in 1875 was purchased for 50 pounds. Unfortunately I had to pay a bit more for it,’’ Mr Spearman said.

Ray White Commercial Townsville agent Troy Townsend said Michael and Rachel Spearman had purchased one of the last remaining freestanding buildings for sale in the Townsville CBD.

Mr Townsend said the property provided 555sq m of office space over two levels and eight on-site carparks.

“The Spearmans are only using the ground floor, which leaves 275sq m available to lease on the first floor,” Mr Townsend said.

“The purchase represents good value at just over $1700 per square metre of building.

“Michael and Rachel wanted something close to the courthouse and I don’t think they could have done much better than this property.”

The Australian Mercantile Land and Finance Company had a big influence on Queensland development as a bank, buyer and seller of wool, and owner of large tracts of pastoral land.

After a series of takeovers and mergers, it was subsumed into the Elders pastoral division in the 1980s.