Developments waiting for investors

THE financial crisis is still having an effect on Bundaberg developments, with several developers left waiting for investors and finance before they can move ahead.

The developer of Dockside on Quay, a $15 million luxury unit complex on the Burnett River, said his project was in limbo while the market slowly recovered.

“The units are still on the market but we are not advertising at the moment,” Bevan McGarvey said.

“We are waiting for the market to improve to the point where it becomes more viable.”

The complex will provide 24 two- and three-bedroom units, right next to the river in the CBD.

Bundaberg Regional Council approved changes to Mr McGarvey’s project, formerly known as Marina Quays, in August last year.

“We think we have the right development but now we are just waiting for buyers,” Mr McGarvey said.

A major development at East Bundaberg is also waiting to go ahead, more than a year after it was approved by the council.

The NewsMail reported last year that Maxam Developments was looking to change its four-hectare industrial estate on Bargara Road from industrial zoning to a commercial block.

A spokesman for the company said the project would still proceed, but no movement had been made in recent months.

“Our project is in a holding pattern for the moment,” spokesman Vaughn Henry said.

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