Comprising land area of approximately 3.842 hectares with approved Mixed Use redevelopment (MCU) incorporating – 96 apartments over 3 buildings, 35 townhouses, 120 Room Hotel, 1600m2* GFA Commercial, 2133m2* GFA Retail. The site has approval to reconfigure into 4 separate titles. Located 4km* south of the Mackay CBD with Highway frontage.

General feedback suggested that there is little support in moving ahead with the approved development scheme. Most groups commented that they see development of the rear small lots and townhouses as viable but would not support development of apartment style product in the short to medium term.

Most enquiring groups demonstrated a reluctance to consider high density projects in the Mackay market. Whist nearly all enquiry were comfortable with lower impact land uses such as medium density or traditional house and land they were very cautious about high density product.

A number of groups have indicated that they maintain interest in trying to acquire a portion of the site only. Several groups have indicated that they have interest in just the vacant residential land component at the rear of the site with others suggesting that they will try to acquire the south western corner fronting Nebo Road so they do not have to contend with the requirements for renovation of the heritage buildings.

Sale Analysis*
Method of Sale:Tender
Marketing Timeframe:7 Weeks
Sale Date:January 2013
Total Enquires:35
Total Offers:7
Total Realisation:$4,500,000