Townsville Ocean Terminal developer in receivership

The State Government has made the tough decision to terminate a development agreement with TABCORP and City Pacific for the Townsville Ocean Terminal.

Minister for Infrastructure and Planning Stirling Hinchliffe said City Pacific’s financial difficulties meant it was no longer in the interests of the state or the project to pursue development through the existing agreement.

“On August 3, after a series of financial setbacks City Pacific was put into receivership,” Mr Hinchliffe said.

“Recent days have shown there is now little prospect of the project proceeding through so the State has subsequently exercised its right to terminate the development agreement.

“Since 2006 the state has been working with City Pacific on the company’s plans for a $1 billion integrated residential and commercial development which would have featured a new shipping terminal.

“However, late yesterday my department wrote to both parties to highlight it is not in the interests of the state or the project to pursue this development through the current agreement.

“Despite this setback we will look at all available options to determine a way forward for an ocean terminal for Townsville,’’ Mr Hinchliffe said.

“In fact I met with Townsville MPs Mandy Johnstone, Lindy Nelson-Carr and Craig Wallace today to commence just that.’’

Media Contact: Minister’s office 3224 4600