Latitude is the latest Apartment development to get under way in Mackay. This development takes advantage of its close proximity to the recently completed Sydney Street Mall complex, and the rest of the city centre along with unrestricted views both across the city and east towards the coast.

Enjoy!

http://img.domain.com.au/img/1611/2004863016_1_FS.JPG?mod=060421-172314

http://img.domain.com.au/img/1611/2004863016_5_FS.JPG?mod=060421-172321

http://img.domain.com.au/img/1611/2004863016_2_FS.JPG?mod=060421-172315

Construction has commenced with this big f%*#ing hole in the ground. Let's hope we see a crane rise within the first quarter of the year. From Gordon St (27/12/06).

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMG_0286.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMG_0280.jpg

This is where the main entrance is likely to go from the Brisbane St access point (below the pool in the renders above).

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMG_0283.jpg

Good Good, looks like this will be well under the way before winter. Its seems to be a bit further away from the rest of the action.

Yeah it's certainly a lot closer to major shopping precincts within the CBD, and closest to the city beaches as well. The Meridian and Crown developments are located north towards the river, they are on Brisbane St as well.

Hey Red Nut, another development you might want to look at is the
Pier Reisdences to be built right along the river where the old Seafresh building is, a billboard went up around xmas and the website is thepierresidences.com.au

A few shots I was sent today courtesy of the sales agents for Latitiude.

These were apparently taken late last week, just after all the massive rainfall Mackay had received. Apprently they were meant to be pumping in the first batch of concrete but was postponed as the water needed to be pumped away...

http://i60.photobucket.com/albums/h21/Red_Nut_photos/100_08252.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/constr.jpg

April construction shots... not too much has changed since January, there certainly didn't seem to be many workers on site. Hopefully a crane isn't too far away. I wonder if it will be another Favco like on the Rivage site?

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0322.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0321.jpg

^^ It looks very promising as there already is a crane piece on site there.

Hey there is too! Thanks for pointing out.

I think it looks like a Liebherr EC series Hammerhead crane, just like the one being used on T1 here in Townsville. They are everywhere in Cairns at the Moment.

There was some slight hiccup with this development. I think it was the concreter hadn't been payed and so walked off the job. It has since been resolved however. This may have been why construction has been a little slower.

Any sign of that crane yet? How's this one coming along otherwise fellow Mackay forumers?

No sign of a crane in the skyline Red Nut, but don't know how far construction has progressed as I haven't been past the site recently.

Here's a few construction update shots. They've reached the ground, and the crane is going to be erected within the next week apparently. 2 cranes on the Mackay skyline now with Rivage UC as well.


http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0467.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0469.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0471.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0464.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0466.jpg

Turns out the crane is already up. I have little knowledge of how to classify crane types, would anyone care to enlighten me?

Thanks to the sales office of Latitude for supplying these update images.

http://i60.photobucket.com/albums/h21/Red_Nut_photos/Picture30.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/Picture29.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/Picture27.jpg

I got quite a surprise when I drove over the Forgan Bridge on Sunday and saw the crane there. I know nothing about crane either but it looks similar to the yellow one that dominated the skyline when the Grand Mecure Hotel was being constructed.

That is a very good crane, this type of crane has dominated the skylines of Townsville and Cairns for a few years now. Its a Liebharr Hammerhead.

^^ Cheers Gertzy.

I got quite a surprise when I drove over the Forgan Bridge on Sunday and saw the crane there. I know nothing about crane either but it looks similar to the yellow one that dominated the skyline when the Grand Mecure Hotel was being constructed.

Yeah I remember that was a big one on Mercure for about a year or so, it had a really long arm. I'm presuming it was a Liebharr Hammerhead as well, identical to this one now.

Have you noticed the external design for Latitude has changed slightly too (according to the renders)? Check out the Latitude website (http://www.latitudeatmackay.com) and check it out for yourself, there's also a promotional video that's been added to the site also...

Was in Mackay last weekend so spent a few hours taking update shots of all the major CBD projects. Latitude is making slow progress, only beginning level two now. Looking good though.

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0980.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP0982.jpg

Its progressing which is good to see :). The new render seems to be shorter by a floor or so, is it just me or does anybody else think the same?

^^ Don't think so Gertzy, in fact I'm now counting 11 stories (incl. the double-storey penthouses on the top level with their own private rooftop facilities). Hard to be certain from the renders though.

Latitude continues to progress very slowly, this was taken just before christmas. Can anyone of the locals tell me if that pay dispute from back in August is what is keeping this slowed down?

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP1246.jpg

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP1249.jpg

I'm seeing the links for the renders on the first page for this thread are broken, so here is (what I believe to be) a more realistic image how the finished apartment complex will appear.

To any Mackay locals... has the development pace for this one picked up at all into the new year?? It has only gone up two floors in the space of a year which is very concerning.

http://i60.photobucket.com/albums/h21/Red_Nut_photos/P1010405.jpg

Apologies for the lack of new material from us Mackay locals. Unfortunately for this forum, I am no longer in Mackay, moved down to Brisbane a few weeks ago so if anyone has any updates they would be greatly appreciated from me as well.

That model in one of the last posts looks pretty sweet, would kill to have a model of a building like that in my house.

Boo - I'm based in Brisbane these days too, but I find that between reading The Daily Mercury (http://www.dailymercury.com.au) online, the Mackay City Council (http://www.mackay.qld.gov.au) website and flying up there every few months or so, I mostly keep up to speed with whats going on.

i just moved down here from t'ville.......this one is progressing quite slow compared to the one on river street due to one of the concrete contracotrs going bankrupt or close to it

also heard that canelands is about to expand out towards the river in the next 3/4 years to accommodate a myer or some sort

I thought that would have been sorted out since it happened in July/ August last year? I guess it explains the snail's pace...

Regarding Canelands, yes that has been flagged for sometime now, although I had heard that Myer would be occupying land up behind Mt. Pleasant shopping centre.

Thanks Polk for the info, great to have someone on the ground up there. I presume you've taken work in Mackay?

I had heard the Canelands rumours too, and if memory serves me correctly it was featured in MCC's City Centre master plan. The main problem Canelands will face expanding over the road is that all that land at Canelands Park is just that, parkland. From what I've heard it can be quite tricky getting the land changed over so that it can be built on.

To Red Nut

Are you aware that the finance company MFS Financial Services of whom I think provide funding to this project Latitude at Mackay are in trouble at the moment. Go check out how there share price has just dropped recently.
Which pay disputes are you refering to this year 2008 or 2007 or 2006. One local law firm is generating revenue out of representing locals in disputes with the builder others are making claims through QLD Building and Construction Industry Payment Act 2004.:bash: I went to site the other day but could not find Richard Healey (On site boss) they said his gone his name has also been removed from the builders internet site. I was unable to be given the name of any new person running the site. Well I hope they finish so I will not have to go through my house being flooded ever again as I will be living in the sky in one of these lovely apartments thats not if don't die first.

To Red Nut

Are you aware that the finance company MFS Financial Services of whom I think provide funding to this project Latitude at Mackay are in trouble at the moment. Go check out how there share price has just dropped recently.
Which pay disputes are you refering to this year 2008 or 2007 or 2006. One local law firm is generating revenue out of representing locals in disputes with the builder others are making claims through QLD Building and Construction Industry Payment Act 2004.:bash: I went to site the other day but could not find Richard Healey (On site boss) they said his gone his name has also been removed from the builders internet site. I was unable to be given the name of any new person running the site. Well I hope they finish so I will not have to go through my house being flooded ever again as I will be living in the sky in one of these lovely apartments thats not if don't die first.

So it sounds as though you have bought into Latitude? I wasn't aware that MFS Financial services are the backers of this development, to be honest I'm not even sure who the builder is. Presuming it is Hadcorp whose signs are on the site fence, they appear to be a Sydney-based group. I hope that whatever the real issues afflicting this development are resolved for all concerned parties... leaves a very sour taste all-round otherwise.

Should also note that another property on Carlyle St was also being flagged by the same developer about 12 months ago: One would imagine it must be in abeyence for the moment, know anything about that one Jungle Fever?

^^ I heard MFS was brought by the Stella group. It was reported in the Townsville Bulletin a few weeks ago. MFS financed both Saville and part of the Breakwater development.

I think Sean and a few other posters have hinted that the Saville in Townsville is having trouble getting off the ground too, is that right?

^^ Yeah, but it seems like it will no only be a delay.

MFS release their profit for the year or half year today with some concerns as to the outcome, this may impact upon this project and saville

Well this just appeared on brisbanetimes.com.au ....

MFS Diversified Group in trading halt
February 27, 2008 02:34pm

SECURITIES in property investor MFS Diversified Group Ltd have been placed in a trading halt at the request of the company.

The firm has been trying to distance itself from its troubled manager MFS Ltd and is considering changing its name.

MFS recently sold its 16 per cent holding in MFS Diversified Group Ltd to raise much needed capital.

The fund also wants to wrest management control away from MFS and could do so by way of a friendly buyout.

MFS Diversified Group said its securities would remain in a trading halt until it made an announcement or until the commencement of trading on Friday.

The fund's securities today lost 3.5 cents to 47.5 cents. At 99 cents, MFS shares are still in a trading halt.

^^ Yeah, but it seems like it will no only be a delay.

This is off topic to Latitude but regarding Saville and the problems. If this development the Saville isnt going to happen then seriously who cares another developer will come along and possibley build something bigger better and higher. Seriously altough I really do and still like Saville and the hieght plus the design I cant see it happening.

Ah, so it only sold 16% to the Stella group then.

Some more news on MFS. Could be a good thing, the Latitude development may be able to proceed once again, assuming it is covered within the 'short-term debt' bracket?

- - - - - - - - - - - - - - - - - - - - -

MFS gets cash injection from Stella sale
Scott Rochfort | March 2, 2008

THE troubled Gold Coast property group MFS Limited has finalised the sale of a 65 per cent stake in its Stella tourism business to CVC Asia Pacific, offering the company a much needed cash injection.

MFS announced on Friday evening that it had received $406 million in cash from the private equity group and would use the proceeds to repay a $200 million short-term debt facility due to expire this month.

The company will also see $900 million of debt taken off its balance sheet with the sale of the business, whose operations include Harvey World Travel, Gullivers Travel, Breakfree Hotels and the Saville Hotel Group. The Stella debt includes a $800 million facility provided by UBS.

MFS is also believed to be in the final stages of selling its property advisory business Gersh Investment Partners back to the founder of the group, Joseph Gersh.

The company also announced it earned $5.2 million in fees from the sale of the Sydney Park Hyatt.

Last month it also earned $43.5 million from the sale of its interest in Domain Aged Care, but it still has some way to go before settling some of its short-term liabilities.

Aside from the $200 million in short-term loans with the US financial concern Fortress, MFS has a put option guaranteeing the $330 million in debts of its struggling New Zealand subsidiary MFS Pacific.

MFS is also expected to have more difficulties servicing its longer-term debts, which include $443 million in unsecured notes and $189 million in asset-backed securities. This is because it is no longer earning fees from many of its funds, including its largest unlisted vehicle, the $770 million Premium Income Fund, which has frozen redemptions.

The company has come under fire for selling its Stella stake for about one-third what it wanted from CVC in November. Its most vocal critic has been Chris Scott, the former boss of the S8 leisure business, which was sold to Stella last year. He took MFS scrip for the sale of the business.

Mr Scott, who retains shares in MFS, is expected to use an extraordinary MFS general meeting on March 28 to call for a change to the board. The MFS chairman, Andrew Peacock, is believed to be drafting a resignation letter and it is doubtful he will attend the meeting, which the company has called for shareholders to vote on changing its name to Octaviar.

http://business.brisbanetimes.com.au/mfs-gets-cash-injection-from-stella-sale/20080302-1wb8.html

Its progressing which is good to see :). The new render sems to be shorter by a floor or so, is it just me or does anybody else think the same?

I think its missing a level aswell:

http://i32.tinypic.com/2mcwraw.jpg

^^ We'll I'm still counting 10 levels, even in that picture. There are some more recent renders on the website (www.latitudeatmackay.com (http://www.latitudeatmackay.com)), it's a little hard to be sure from those ones as well though.

^^ Yep, i counted 10 in that last picture.

Yea 10 my bad counted in-correctly. =]

Meh, we won't really know until it's finished I suppose.

Here's some of those new renders I mentioned in previous posts:

http://www.latitudeatmackay.com/images/overview.jpg

http://www.latitudeatmackay.com/images/overview1.jpg

Looks good eh? Do the local mine having low rises?

Looks good eh? Do the local mine having low rises?

No I don't think so, there certainly hasn't been a community backlash of any sort against all the one's UC and Approved over the last 2 -3 years.

Thats good to here. Maybe the council might push the hieght limits hiegher say around 20 storys?

Latitude has progressed, if only just a little. Not sure what the latest is with the MFS drama etc but looks like they're about to pick up the pace.

Gordon St

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP1440.jpg

From Brisbane St

http://i60.photobucket.com/albums/h21/Red_Nut_photos/IMGP1441.jpg

This project hasn't progressed very far considering the length of time it has been since construction began. Hopefully it will gain some momentum soon.

Bad news for Latitude, the future of this one is now seriously in doubt. Anyone have any experience in how these situations are resolved? Is a new builder simply appointed as replacement??

- - - - - - - - - - - - - - - - - - - - -
Latitude builder crashes with big debts

THE DAILY MERCURY
June 27, 2008

THE builder of luxury apartment complex Latitude at Mackay has gone bust after the company failed to pay more than $100,000 owed to a subcontractor that had worked on the construction of the CBD high-rise. In Brisbane Supreme Court this week Hadcorp did not contest an application lodged by the subcontractor, Team Post Tensioning, to have the company wound up.

Team Post Tensioning is the second subcontractor that has had trouble getting paid for work on Latitude at Mackay.

In March last year the Daily Mercury reported Mick Barfield, owner of Mackay Labour Hire, was owed $37,767 for work on the site. Hadcorp later paid Mr Barfield, although they said the money was not actually owed by them but by another subcontractor. Team Post Tensioning is hoping to retrieve the $105,618.56 owed to them for their work on levels two and three of the apartment block.

An accountancy firm specialising in insolvency was appointed liquidators for Hadcorp. Vincents Chartered Accountants will try to retrieve the money from the company's assets.

Team Post Tensioning director Tess Bignell was disappointed by the outcome of the Supreme Court hearing on Wednesday.

"Hadcorp did not contest the application to be wound up. It is a sad day for all creditors concerned," Ms Bignell said.

Director and developer of Latitude at Mackay Barry Ison did not return the Daily Mercury's phone calls yesterday. Latitude stands half built at the intersection of Brisbane and Gordon streets, opposite Sydney Street Markets. It is believed no work has been done on the building for about a month. The 12-storey building was begun in December 2006 and was expected to be built in 16 months. About 40% of 60 apartments were sold.

Hadcorp was a Sydney-based company established in 1997. It built numerous project homes and residential units as well as a hotel in Alice Springs.

The company's managing director was Michael Hadad.

http://www.dailymercury.com.au/storydisplay.cfm?storyid=3776907

Don't you love half finished buildings standing around in the middle of town for 10 years. Such an aesthetic masterpiece at the moment.

Watchdog kept eye on highrise builder




July 09, 2008


A BUILDING industry watchdog has admitted it began keeping an eye on Hadcorp, builder of the Latitude development, soon after work on the project began.


The builder of the Brisbane Street highrise was forced to "wind up" last month after the company could not pay Team Post Tensioning more than $100,000.

Since then, more furious contractors have emerged.

The Building Services Authority (BSA) said it had been watching Hadcorp's work.

BSA general manager Ian Jennings said "there were concerns" from the time the footings and foundations were laid.

"We have been watching and monitoring since then," Mr Jennings said.
More recently, the builder came to the attention of the BSA because of its slow progress.

"It hasn't been moving for about two to three months," he said.
Since facing action in the Brisbane Supreme Court in June, Hadcorp is now banned from undertaking any construction work.

"They're on permanent exclusion for five years. It's subject to them applying to get back on the job," Mr Jennings said.

In order for the troubled builder to get "back on the job" they would have to prove they took "all reasonable steps" to prevent Hadcorp from going into liquidation.

Mathers Concreting owner Dale Mather said his company was owed $64,000 for concrete blocks that were prepared off-site.
"If I had (the blocks) on their property, the liquidator would've taken them," Mr Mather said.

There had been subtle hints early on that something about the development was going awry.

"There was no-one on site. If you build a highrise, you expect 30 to 40 men on site every day," he said. "(Hadcorp) had none."

Mr Mather said it had been obvious Hadcorp was in some kind of financial trouble.

"I was told: 'After I sort you out for one floor, I won't be able to pay you for three until they're done'."

The Daily Mercury has spoken to numerous subcontractors owed money by Hadcorp but they could not comment due to pending legal action.

Mr Jennings said while the investigation was ongoing, it seemed that Hadcorp had tried to do the right thing.

"They were saying they had paid most of the subcontractors.
"There's not too many concerned about it."

I visited the Latitude building site on Monday earlier this week and it was spooky. The site is completely deserted, the crane was even swaying very slightly in the breeze. Looks as though they have only reached the 3rd floor?? This is after over 18 months of construction! So sad to see this.

http://i37.tinypic.com/15zmr10.jpg

http://i34.tinypic.com/10x7qkx.jpg

At Least there will always be a crane on Mackays skyline ;).

:lol: Yeah very true. Me personally, I'm a lot more interested in seeing end products. The novelty of a construction site wears off after a while.

Stalled project hinges on court case result

THE DAILY MERCURY
August 18, 2008

THE developer of the Mackay city high-rise Latitude, Barry Ison, is the last man standing after the project's builder went bankrupt and its financier was rescued on the verge of liquidation.

Mr Ison said the only thing now delaying the 11-storey development was an ongoing court case with former Latitude financiers Premium Income Fund (PIF), an arm of struggling finance group Octaviar.

"Until that is settled, there's not much we can say," Mr Ison said.

"We are going to complete the project."

The construction was to be finished in July but Mr Ison said the "sunset clause" had been extended and investors' money remained safe.

"It's in the same secure position, held by the Queensland Law Society.

"Their position is protected. It's just a matter of sorting out this situation (the court case)."

Urban Development Institute of Australia (UDIA) Mackay branch president Mark McGrath agreed, saying the money investors put into Latitude would still be held in trust by the Queensland Law Society.

"There's no risk in that regard," Mr McGrath said.

"It's just a wait and see process."

Latitude builder Hadcorp was wound up by a Brisbane Supreme Court and liquidators appointed after it was unable to pay subcontractor Rapid Post Tensioning more than $100,000.

In June, weeks after Hadcorp declared bankruptcy, Building Services Authority general manager Ian Jennings said "there were concerns" from the time the footings and foundations were laid.

Financier PIF was taken over by Wellington Capital in May, and they could now determine what becomes of Latitude.

Mr Ison said two potential financiers had been lined up for Latitude and once the court case was completed, he would sign with one of them.

From there, Mr Ison said it was a matter of choosing a builder for the project so con8struction could start again.

Source: http://www.dailymercury.com.au/storydisplay.cfm?storyid=3781927

Anyone know whether a new builder has been chosen to complete Latitude yet?

According to the article above your post, a builder won't be chosen until court proceedings are through. Looks as though they already have two potentials shortlisted though...

I doubt you'll see the project finished with the 2 current directors (Ison and Hall) in charge as the main private investor in the project is suing them, along with multi million dollar court action against them from Octaviar. I think you'll see a firesale on the site in the new year.

5 months since last update!

Sure is coming along s l o w l y

Sorry bout quality, pured down at 4:30, everone left work, Grand Mecure lobby flodded, moved 100m in half an hour!

http://i443.photobucket.com/albums/qq157/Indictable/S7300104.jpg

It hasn't progressed at all over most of 2008 because the builder went bankrupt, it's in the courts. Speculation that the owner will try to sell, otherwise he'll have to find another financier. If that can't be achieved, this could sit there for a very loooong time...

Should probably change the thread title to 'stalled' if any mods want to be really strict :)

What a shit result! Such a pity to see such waste, all the work and effort already gone into the building.

Yes, effort

Only if things picked up.... would/will of looked great with the new Wharf Precinct.

http://i42.tinypic.com/iy07lj.jpg

Oriolus, you might be interested to know that I could see birds hanging around the crane driver's cabin. Given no one is working on site, they could well be building a nest?

http://i42.tinypic.com/2zelzb4.jpg

http://i41.tinypic.com/iz73aa.jpg

Well the owner has put this one on the market, I ripped this information from www.realcommercial.com.au -

'Latitude' at Mackay - Partially Completed Hi-Rise

• Heart of town location opposite new Coles centre
• Includes 61 units, 5 retail shops, 89 car spaces, recreational facilities and courtyards
• Not to be repeated 11 storey development
• Partially completed to level 3

For Sale by Expressions of Interest closing Friday 3 April 2009

Hard to tell if there's actually been any activity since Christmas, I think it may just seem that way as the scaffolding has been taken off. Looks like a turkey without its feathers now...

http://i44.tinypic.com/5mis69.jpg

http://i41.tinypic.com/351sw8m.jpg

http://i44.tinypic.com/3525f1g.jpg

http://i40.tinypic.com/wbxcox.jpg

Quote from the Daily Mercury's 'CBD Developments' story (http://www.dailymercury.com.au/story/2009/04/13/mackay-cbd-projects-forge-ahead-despite-downturn/) from Tuesday, April 14:

[I]Construction of Latitude was stopped after both its builder Hadcorp and its financier MFS went under, but with the site now for sale, there's optimism that the project could be heading skyward sooner rather than later.

PRD Nationwide's Greg Chappell is the man behind selling the development site and he believes things are beginning to pan out for the project.

“Latitude is a great development. It's just that difficult circumstances have brought it to a standstill,” Mr Chappell said.

“But the site is up for sale and inquiries close (today).”

The site is being sold by Wellington Capital, which is selling assets held by MFS in order to pay back creditors still owed by the failed group.

“It's interesting given the current times; there's still strong customer inquiries,” he said.

Mr Chappell said one potential buyer was planning to begin construction within six months, with the 12-storey project to be finished about 12 months later.

I expect to see legal action taken by MFS against Hall-Ison Property Developments who have personal liability of $5million each against this failed project & also by the main private investor in the project against Hall and Ison, shortly after the contracts exchange and a new buyer emerges.

they should just rip it out and build a 30 story building of any sort just to trup townsville......................im NOT drunk..

New buyer sought for Latitude

http://www.dailymercury.com.au/media/img/news/2009/06/28/27Latitude_t325.jpg
The Latitude development at the corner of Brisbane and Gordon streets is up for sale again after a contract on the property fell through.

THE DAILY MERCURY
Owen Jacques | 29th June 2009

THE half-built high-rise Latitude, at the corner of Brisbane and Sydney streets, has been in the works since late 2006, hit hard by its builder, Hadcorp, crashing and losing its finance after lending giant Octaviar followed Hadcorp's lead.

The man tasked with saving Latitude, developer Barry Ison, entered a contract on the project about two months ago with designs on restarting work and having the City Heart residences built within 18 months.

But according to PRD Nationwide's Greg Chappell, that contract has fallen through and with the project now back on the market, he expects it to be sold within seven days.

“The property was under contract about seven weeks ago but that contract has failed at this stage,” Mr Chappell said.

“But it's in a great location and the concept is without flaw.

“It's a product that Mackay needs.”

PRD Nationwide is selling the building on behalf of Wellington Capital, which is selling off Octaviar's assets so creditors can be paid back some of what they're owed.

Mr Chappell said when this latest contract was put on Latitude, a group of developers missed out on the purchase and they were now circling the sale with designs on finishing it as soon as possible.

“They're not afraid of moving ahead.

“Mackay needs it taken off the skyline and finished properly.

“The segment of the market is medium to lower end and there has been a marked increase in interest for apartments in stock.”

Speaking from Sydney, Mr Ison said he was in negotiations with Wellington Capital and was still interested in the property but he had found it hard to secure funding for the “large-scale project”.

Mr Chappell said original buyers of Latitude apartments now needed to make contact with PRD Nationwide because their “sunset clause” on the contracts had ended.

Their deposits could be returned to them or, if they still wanted a Latitude apartment, it would have to be re-negotiated.

Source: http://www.dailymercury.com.au/story/2009/06/29/new-buyer-sought-for-stalled-city-high-rise/

Some good news after 18 months of lingering. Unfortunately for Mackay's future skyline, there is the risk to size of the project may be reduced.

-- --

Buyer ready to take on project

THE DAILY MERCURY
Kate Bastable | 18th December 2009

http://media.apnonline.com.au/img/media/images/2009/12/17/MDM_18-12-2009_ROP_04_17latitude_fct423x260x77_t325.jpg
Mackay’s Latitude development is being sold to a North Queensland buyer, who is believed to be local businessman Rick Shelly. The Brisbane Street site has been embroiled in turmoil since construction began in late 2006, with bankruptcy hitting the builder and the financier of the project.

THE future of Mackay’s Latitude development is looking brighter after a buyer was found for the site.

The Brisbane Street site has been embroiled in turmoil since construction began in late 2006 with bankruptcy hitting the builder and the financier of the project.

The high-rise development has been at a standstill for many months as liquidators worked through the process of dealing with the bankruptcies and arranging the sale of the site.

However, a spokesperson for Wellington Capital, which was tasked with selling the assets of financier Octaviar to pay creditors, yesterday confirmed the property was under contract.

The contract was now unconditional and would settle in early 2010, the spokesperson said.

The spokesman for Wellington Capital said the buyer had taken possession of the site and was recommencing the project.

He would not reveal the buyer’s name and would only say he was “from North Queensland”.

However, the Daily Mercury understands the buyer is local businessman Rick Shelly.

When contacted by the Daily Mercury yesterday, Mr Shelly said he was unavailable to discuss the matter due to meetings.

Latitude stands half-built at the intersection of Brisbane and Gordon streets, opposite the Sydney Street Markets.

Its construction came to a standstill after its builder Hadcorp went bankrupt and its financier Premium Income Fund, an arm of Octaviar, went under last year.

Hadcorp was wound up by a Brisbane Supreme Court and liquidators were appointed after it was unable to pay sub-contractor Rapid Post Tensioning more than $100,000. In June 2008, weeks after Hadcorp declared bankruptcy, Building Services Authority general manager Ian Jennings said “there were concerns” from the time the footings and foundations were laid.

Financier PIF was taken over by Wellington Capital in May 2008.

The spokesperson for Wellington Capital said the purchaser has been doing some preparation with a view to restarting construction soon.

Latitude was originally approved as an 11-storey development, however, future plans for the site are not known at this stage.

Source: http://www.dailymercury.com.au/story/2009/12/18/buyer-ready-to-take-on-troubled-high-rise-project-/

This is great news. I sure hope this construction is kept as its original design as is it appeared to be a good design. Well hopefully there will be 4 highrise projects to commence in 2010. Meridian, Pier Residences, QM and this one mentioned.

Yeah you would think Meridian should launch anytime from now... there's been a number of false starts with that one, though. I'm less optimistic about The Pier, I just can't see apartments of that price ($1,000,000 +) being sold enmasse.

According to Friday's Courier Mail, this has been sold to local developer Residential Development Pty Ltd. They intend on developing it.

get this finished mmmkay

^^ Thanks Jess. Did the piece say when it will start again? Here's hoping it's 2010.

It was just about the sale really, no starting date mentioned.

There was a fair bit of activity on this one back in June when I drove by. What's the latest Mackay fellas??

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Any Mackay forumers able to update us on Latitude? Its been more then a year since the new buyer took over. And has the crane been up the whole time? I would have thought it'd be costing money to whoever owned it? Only info I've found is this new design by Reddog (http://www.reddogarchitects.com/13/Projects/5/Multi-Residential/20/Latitude-Mackay). The info mentions "rescue a partially complete building" so its definately a design by someone since the project stalled.

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^^I dont think anything to interesting has happened since then, will go for a drive past tomorrow to confirm.

I was in Mackay on the weekend, and it was still up. The place was dead though, I felt like the only one walking the streets in town with the odd occasional drunken youth aha. The place is soo... delipidated to say the least.

^^ Lol sounds about right, even tho the place is growing very fast it seems as if the social life of the commuinity is dieing out.

Unless your working in a mining related job around here the place has become unaffordable for many, the mackay city council charge like a wounded bull for rates (highest in QLD iirc).. the infrastructure around the place is a mess and about a decade behind where it should be.

I live about 5 blocks from the site and it is still dead, just like Mackay's social scene....

Latitude has become a very strange development indeed. It looks as though they are leasing out the bottom-level retail component before the rest of the building is even complete! It was also strange to see what appear to be permanent roof structures put over the building cores... I could be wrong about them being permanent, however.

Gordon st view

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I wonder if there is also some sort of record out there for the longest time a crane has remained on a development site!? 4.5 years so far...

Brisbane st view

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Happy to announce that Latitude is once again under construction after a 3-4 year hiatus! That has to be some sort of record.

Not sure when this started, must have been only a few months ago is it has gone up 1 level since construction was halted. The crane has also been replaced. Finally, it's back on track, what a relief for the city.

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This one has climbed another floor, and is beginning to make a noticeable impact on the eastern end of Gordon st. Lots of workers on site at the moment.

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Interesting to see Barry Ison is still trying his hand as a real estate agent and property developer (http://barryisonrealestate.com.au/about.html). I feel for the poor investors who did their money cold with this project.

^^ According to the link you provided, the Carlyle Hotel (proposed for the street behind the Latitude development) is still happening but I suspect it's an old website that simply hasn't been taken down.

Thanks for the tip though, Psychedup. Do you think the original individual unit purchasers were able to keep their investment given the new developer is now continuing with the original construction?

^^ According to the link you provided, the Carlyle Hotel (proposed for the street behind the Latitude development) is still happening but I suspect it's an old website that simply hasn't been taken down.

Thanks for the tip though, Psychedup. Do you think the original individual unit purchasers were able to keep their investment given the new developer is now continuing with the original construction?

Apparently not. A few families lost their superannuation investments cold to Barry Ison and his business associate - as they pay in installments as the project is being completed. So most of the initial deposits were lost (i.e. spent by Ison and Co!!)

Latitude is to become the 2nd Quest in Mackay.

That means the project on Carlyle st is either scrapped or stalled, as it was meant to be the 2nd Quest.

^^ You're both right, it's definitely becoming a Quest Apartments complex. Not sure if it will be a dedicated hotel or mixed-use development with service-style apartments.

Got these pics early this morning so not sure if you can make out the detail, but the roof is taking shape and external fittings are being applied. In the last pic, the 2nd-level pool and foyer area is being constructed on the part of the building facing Brisbane st.

I'm going to take a guess and suggest the next time I'm in Mackay (around August-September) the crane will be down and wrapping will be off.

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