No Adani, no $12 million tower for Rockhampton
LOCAL developer Andrew Beaumont will not consider launching stage two of his $26 million Gallery Apartments project until he sees the outcome of the Adani Carmichael coal mine and the mining sector.
Mr Beaumont has been in the region a long time and witnessed industries come and go.
He said the region has always had strong reliance on the rural sector and railway and did not have an abundance of industries to choose from like other major centres.
"For us to lose mining, or it to be at risk, puts a massive dint in the local economy,” he said.
Mr Beaumont told The Morning Bulletin he wouldn't consider starting stage two of his Gallery Apartments project if mining dropped off.
"We feel strongly about the future of the mining sector, so we are holding off on the project,” he said.
"That's a $15-20 million project at risk if some of these mining projects don't get off the ground. You lose confidence in the region and it makes a huge difference.
"It's not brilliant at the moment, so for us to lose anymore, why would we risk it?
"We are not exactly flying along in real estate at the moment, there has been changes to banking, it's hard to get funding.
"So, to take the additional risk when one of your larger industries could be slowing down - that's a pretty obvious reason not to go ahead.”
Stage two of Gallery Apartments is proposed to be a second tower on the northern side of the block, located beside the Rockhampton Art Gallery, on Victoria Pde.
The project is estimated to cost $12-15 million.
Mr Beaumont went on to say the region was already seeing jobs pop up related to the proposed mining projects in the Galilee Basin around the region.
"There are a number of new related businesses which have established themselves already in Rockhampton on the understanding Adani is going ahead,” he said.
"If it doesn't, then they are obviously going to pack up. But everyone benefits from these projects. For example, hotels benefit from increased traffic flow and numbers.”
Mr Beaumont said he just wanted political leaders to be reasonable and consistent.
"There are a number of mines that have already been approved and for some reason Adani seems to be a lightning rod for some movements. I think us as a region are going to suffer as a result,” he said.
"A lot of these decisions are made outside of the region, they have no idea how reliant we are on this sort of industry.
"If there is a genuine issue, then fine. But if there's not, you have got to ask why, because other mines are being approved all the time.
"I just hope when Adani does gain the additional approvals, both political parties honour that commitment and let the mine proceed.”