New start for Flinders Plaza vision
Partners at KordaMentha will search for a new developer for Flinders Plaza Shopping Centre in Townsville following their appointment as Receivers and Managers to the company controlling the site.
Mr Craig Shepard and Mr Bill Buckby of KordaMentha were appointed to Flinders Plaza Pty Ltd this week. The company was controlled by the Melbourne-based developer Austexx Corporation Pty Ltd.
Mr Buckby said today the receivership provided an opportunity for a fresh team to complete the redevelopment following a long period of uncertainty caused by the Global Financial Crisis.
“The fundamentals remain solid and the platform has been established to realise the vision of creating one of the largest and best multi-level precincts in Northern Queensland,” Mr Buckby said.
“We recognise the delays have caused frustrations for traders and the local community, but this is an opportunity for a new start.”
Flinders Plaza was planned as a six-level development over 1.6 hectares in a CBD block bounded by Flinders, Stokes, Sturt and Stanley Streets. The $200 million plans included four levels of car parking for 1,600 vehicles and two levels of retail, entertainment, alfresco dining and a café precinct.
The redevelopment site will trade as normal while the Receivers proceed with a sale campaign. KordaMentha will keep the City Council of Townsville informed on progress of the receivership and sale.
Michael Smith 0411 055 306
Bill Buckby (07) 4724 5455