Developer vows not to be next failure

THREE failed developments have left a "big black mark" on Kingaroy.

Motel developer Andrew Stewart is determined not to be the fourth.

New motel chain Across Country Motels announced in February it would make a $5.3 million investment in Kingaroy with a 42-room motel on D'Aguilar Hwy.

The project was later reduced to 32 rooms and was expected to be finished next month.

Finance issues have delayed the project, and a new completion date is yet to be finalised.

Mr Stewart said he was having difficulty attracting finance in an economic climate lacking support for regional investment.

"The last three developers went broke and this sends a terrible message," Mr Stewart, Waler Road Property chairman, said.

"Kingaroy has a big black mark on it by valuers and banks so that's just made us more cautious.

"I am absolutely determined we will not be fourth project in Kingaroy to go broke."

Mayor Wayne Kratzmann said he was unaware of black marks specifically against Kingaroy but had heard from developers having issues with money lenders across regional Queensland.

"Talking to people, there's a lot of contracts being signed but they don't always get up because people can't get the finance," he said.

"But you can't blame Kingaroy or the South Burnett for (Memerambi) and if banks are holding that as the example, well that's unfair."

Civil works including storm water, drainage and electricity infrastructure have been finished at the site.

Mr Stewart has other projects in the state's north and said banks were generally hesitant to lend for projects in regional Queensland.

He said his company would decide how best to proceed but was determined the project would go ahead.

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