Melbourne-based property syndicator buys Idalia site

TONY RAGGATT, Townsville Bulletin
July 12, 2017 12:00am
Subscriber only

MELBOURNE-based property 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.