Business Confidential: Your way in to the boardroom

A BIG difference between the builders’ price expectations and what the developers want to pay appears to be holding back what is set to be a landmark Brisbane project.

An artist’s impression of the redeveloped Howard Smith Wharves in the Brisbane CBD.

WHAT goes on behind the closed doors of Queensland’s biggest boardrooms? Our insiders are here to spill the beans on all that’s happening in the world of business and property.

PRICE POINT DIFFERENCES

THERE seems to be a bit of hold up in one of Brisbane’s largest inner-city urban renewal projects.

The redevelopment of the Howard Smith Wharves was to have kicked off in the middle of last year but was delayed because the consortium behind the project could not settle on a builder.

Then it was to start at the beginning of this year but the hold up continues.

An artist’s impression of the redeveloped Howard Smith Wharves in the Brisbane CBD.

We hear Hutchinson Builders and Broad Constructions have been in talks with the consortium and there is quite a large difference between the builders’ price expectations and what the developers want to pay.

Under the plans approved in 2015 by the Brisbane City Council the developers were to restore the four heritage buildings that have been largely unused for decades and construct two new buildings – a five-star 164-room Art Series Hotel and a landmark single-storey event space.

Most of the 3.43ha development will be public open space connecting the New Farm Riverwalk and the CBD, with pedestrian access to the site boosted by two elevators and a stair from the cliff tops.

An artist’s impression of the redeveloped Howard Smith Wharves in the Brisbane CBD.

NOT FOR SALE

BRISBANE-BASED accommodation group Mantra says it is not in discussions to sell the company, denying speculation that some big hotel groups such as Marriott may be circling the owner of the Peppers and BreakFree brands.

Mantra, headed by Bob East, told the ASX yesterday that it had noted recent speculation but it is “not in discussions with any potential buyers.”

Despite this, investors seem excited by the prospect of a takeover. Its shares soared 12.3 per cent yesterday to close at $2.93.

SHINING ON

Courtney Petersen is finding it hard to leave Shine Lawyers behind.

USUALLY once a chief executive resigns they are shown the door immediately. Not so Courtney Petersen, who handed in her notice as boss of Shine Lawyers way back in December but is still toiling away at the Brisbane law shop.

Shine says that Petersen is working out her six-month notice as part of the terms of her contract and “continues to be a valuable contributor to the firm.”

That means the former Telstra and Aurizon executive will be at Shine until June.

Petersen confirmed the unusual arrangement to your diarist yesterday and says she is doing “project work” on a separate floor to the main executive team.

Petersen’s resignation capped a troubled year for Shine as profit was cut in half amid rising competition.

SEEKING NEW OPPORTUNITIES

Andrew Jolliffe is now the managing director of Ray White Hotels Australia’s Asia Pacific operation.

THERE’S been a change of leadership at Ray White Hotels Australia.

Sydney-based Andrew Jolliffe is now the managing director of Ray White Hotels Australia’s Asia Pacific operation and the White Family have acquired former boss Tony Bargwanna’s shareholding in Ray White Hotels Australia.

“Tony is leaving the business and Andrew and the White Family wish to thank Tony for the role he played within the company over a number of years,” said Ray White Group director Dan White.

“We look forward to continuing to provide our valued client base with the exemplary service and performance outcomes our reputation enjoys, as well as exploring opportunities to further deepen its reach and service capabilities.”

Jolliffe says he’s looking forward to the opportunities he sees in the Queensland market.

“Sydney has clearly seen a particularly active market landscape over the past 36 months and it’s a combination of the resultant lack of A-grade hotel supply, and the very attractive Queensland hospitality and leisure asset space, that we believe will drive deep interest in the category from both domestic and Asia Pacific region investors,” he said.

The repositioned Brisbane team is currently marketing multiple hotel properties, including the prominent Noosa Blue Hotel.

NOOSA HOLIDAY

FORMER NSW Premier Mike Baird is enjoying his retirement from politics.

Baird was spotted walking along the beach at Noosa yesterday with his wife Kerryn.

Baird, who has just taken up a role at NAB, is keeping his promise of spending more time with the family. But he could have picked a better time for a break with the remnants of Cyclone Debbie expected to bring rain to the Sunshine Coast over the next few days.

Still, even a cyclone would be preferable to the bear pit of NSW politics.

HAMSON AND PINEAPPLE

Don Hamson from Plato Investment Management. Picture: Hollie Adams/The Australian

DON Hamson grew up on his parents’ Sunshine Coast pineapple farm where his dad taught him the value of investing in shares and creating a retirement nest egg.

Now Hamson runs the $3.5 billion Plato Investment Management fund, which has carved out a niche targeting self managed super funds and retirees.

Hamson was in Brisbane on Monday as part of an investment roadshow spruiking his new listed investment company (LIC), Plato Income Maximiser.

Hamson tells us that in the current low-interest rate environment yield is important for retirees, or those approaching retirement. Plato invests in Australian shares, actively seeking companies paying good dividends.

He says Plato will be the first LIC to pay monthly franked dividends, which is particularly attractive for those relying on investments for income.

Hamson has come a long way since his Sunshine Coast days, where he was captain of Caloundra State High School and a contemporary of the late Steve Irwin.

Hamson was busy meeting with financial planners and brokers yesterday but took time to visit his 90-year-old mum.

CAPITAL IDEA

VENTURE capital firms are lining up in Brisbane this week, looking for the next Twitter, Uber or Google.

Minister for Innovation, Science and the Digital Economy Leeanne Enoch says the firms are in the city to meet Queensland entrepreneurs at the Myriad Festival.

The festival at the Brisbane Powerhouse from today to Friday has attracted 127 entrepreneurs from as far afield as Longreach and North Queensland.

One of the largest venture capitalists at the event will be US-based Kleiner Perkins Caulfield and Byers (KPCB), which has helped develop and accelerate growth at Amazon, Twitter and Uber.