Townsville ocean terminal – still cruising
February 18th, 2009
MARINA operator IMDM has reiterated its intention to develop the $1 billion Townsville Ocean Terminal project and backed away from the statements of its CEO Craig Gore.
Mr Gore, whose companies in the Atkinson Gore Group were last week put into receivership by financier City Pacific, has said the move will impact significantly on IMDM's terminal development.
However, IMDM chairman Shane Stone said funding for the project was not affected by the actions of City Pacific against the Atkinson Gore companies and that IMDM was `fully committed' to the project.
A tussle over development rights to the terminal is looming with City Pacific, which had been in the throes of on-selling the scheme to IMDM, telling the State Government it now wants to build it.
Meanwhile, residents of the adjoining Breakwater Marina, which IMDM bought from City Pacific last year, complain the area is falling into disrepair and ruin.
Mr Stone, a former Northern Territory chief minister and federal Liberal Party president, said IMDM (Townsville FDA) Pty Ltd had entered into a binding contract to buy the development rights for the Townsville Ocean Terminal from City Pacific Limited, and was funded by UK partner Mayfair Limited.
He said the contract to purchase the FDA development rights remained on foot even though CPL was in breach.
IMDM had put CPL on notice in that regard, he said.
"Funding for the Townsville Ocean Terminal is not affected by the actions of City Pacific Limited," Mr Stone said.
"The IMDM company has the full financial support of Mayfair Limited who shares our commitment to realising our plans to see the Townsville Ocean Terminal brought to life.
"What people must remember is that IMDM has no other commercial relationship with City Pacific Limited or the City Pacific First Mortgage Fund.
"IMDM is committed to acquiring the Townsville Ocean Terminal Project and has been working tirelessly towards the completion of the purchase.
"We have reassured the Queensland Government that we remain committed to the project and have solid funding sources, and we have advised them of the commercial and contractual arrangements of IMDM, which is unaffected by CPL's announcement late last week."
A marina resident who did not want to be identified said the place was a shambles with part of the marina's seawall having collapsed, building projects abandoned and roads, paths and gardens not maintained.
"It's really a disgrace to the town," the resident said.
One source said IMDM took over City Pacific's building program, didn't like it and wanted to change it to provide more retail areas.
An ablutions block and retail area has been built, while work on a marina administration block stopped after foundations were completed.
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