Investor walks away from planned Kingaroy motel
IT WAS promised to be one of the biggest hospitality investments in Kingaroy, employing dozens of locals and kick-starting tourism in the South Burnett.
But after dozens of setbacks, investor Andrew Stewart pulled the plug on his planned motel for Walter Rd in Kingaroy and put the land on the market.
Originally announced in February 2014, the multi-million dollar project promised a state-of-the-art 42-room motel with a conference centre.
The project soon stalled and was downgraded to 32 rooms, as Mr Stewart struggled to attract the funding to start the construction process.
"The point it all could come together got missed," Mr Stewart said.
"We just decided to put it to the market."
He blamed the difficulty in attracting an operator to run the day-to-day operation, as well as banks being hesitant to loan to regional projects.
A last-ditch effort to save the development passed in July, when another group that was considering taking over the project didn't come through.
Mr Stewart said he was deeply "disappointed" that the project was likely finished, but had a glimmer of hope it might continue under new owners.
"All the planning is there, the approval is there," he said.
Currently, the empty lot at Walter Rd is for sale through Colliers.
