18 February 2015 –Liquidators
FTI Consulting have exchanged contracts for the sale of the Port Hinchinbrook
assets in North Queensland following an international sale campaign.
The high profile Cardwell properties,
located at the halfway point between Cairns and Townsville, were developed by
the late Keith Williams.
A sale campaign was initiated last
year through CBRE’s Rem Rafter and Danny Betros, targeting both local and
offshore buyer groups.
FTI Consulting Senior Managing
Director, Corporate Finance/Restructuring, Joanne Dunn said an Australian buyer
had exchanged contracts for the Port Hinchinbrook assets.
While the price could not be disclosed
due to confidentialities, Ms Dunn said it was a good result which would pave
the way for new development work to occur at Port Hinchinbrook.
“It is the buyer’s intention to seek
the necessary planning approvals to begin development work as soon as possible,”
Ms Dunn said.
The Hinchinbrook Island Resort and the
existing commercial tenancies at Port Hinchinbrook were closed in 2011 as a
result of damage caused by Cyclone Yasi.
The CBRE sale campaign commenced mid
last year, however CBRE’s Rem Rafter said the market appetite for the assets
had increased substantially just prior to Christmas, which attributed to
increasing confidence in North Queensland as a result of major projects such as
the proposed Reef Casino.
“The acquisition of these
strategically located assets, combined with the completion of major works
funded by the State and Commonwealth Governments, provides a counter cyclical
opportunity for the new owner to proceed with redevelopment works and
capitalise on renewed confidence in the region,” CBRE’s Mr Rafter said.
“The buyer has a unique opportunity to
rebuild the marina and onshore tourist accommodation. There is also a
significant opportunity to further develop the land surrounding the existing Port
The properties are situated at
Cardwell, 171 kilometres north of Townsville and 203 kilometres south of Cairns
at the gateway to the Cassowary Coast Region. They comprise of: Port Hinchinbrook,
comprising circa 94.5 hectares of land at Cardwell.
Port Hinchinbrook was developed in the
1990s, with marina basins and boat channels formed at Oyster Point. Developer
Williams Corp created more than 200 single residential, medium density residential
and commercial lots adjacent to the marina.
Current improvements include a tavern,
a marina office and a single level commercial building. There is also capacity
to rebuild the 202-berth Port Hinchinbrook Marina, which was substantially
destroyed by Cyclone Yasi.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.