Thursday, 24 November 2011

Far North and southern interest in CEC Group's properties

Nick Dalton
Wednesday, November 23, 2011
© The Cairns Post

Selloff: The former headquaters of the CEC Group. Formal tenders to buy the group’s entire portfolio or individual properties close at 4pm today.

Most of the interest in one of the largest land banks offered in the region in 20 years has come from Far Northern buyers or those with southern connections based in Cairns.

Formal tenders to buy the CEC Group’s entire portfolio or individual properties close at 4pm tomorrow. Nearly 900ha of prime undeveloped land, worth more than $50 million, is part of the sale. Included are large parcels of land in the southern growth corridor of Cairns in the Mt Peter master planning area, where most of the city’s residential growth will take place over the next 10 years.

It comprises 13 separate properties from Townsville, through some of Cairns’ most popular suburbs to Kuranda, and as far north as Cooktown. Colliers International Cairns managing director Stacey Quaid said he expected the majority of tenders to be lodged by people with "good knowledge and understanding of the region’s development property market". "Interest has come from the majors through to first time buyers," he said. Mr Quaid said it was expected people would leave lodging their documents to the last minute. He said about 75 per cent of inquiries had come from Far Northern people and a quarter by southern interests.

Bought as part of the group’s strategic acquisition of quality landholdings throughout north Queensland over many years, the properties are being sold on behalf of receivers and managers McGrathNicol. "We have had outstanding interest in this portfolio. The phones were ringing hot with solid inquiries even before tenders were formally called," Mr Quaid said. "Property developers and investors are realising it’s an extremely rare opportunity to secure one or more prime properties that might not otherwise have been available to buy," he said. "Based on the interest we have seen so far, we’re confident of having some positive sale options for the sellers within the timeframes."
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