Flagstone Property Group spearheads sale of McGregor Rd mixed commercial development
Spruiked as one of the largest injections of capital into Cairns since the 1980s, a “monster” $40m development in Smithfield will include a tavern, hotel, large commercial lots and medium density residential.
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Spruiked as one of the largest injections of capital into Cairns since the 1980s, a “monster” $40m development in Smithfield will include a tavern, hotel, large commercial lots and medium density residential.
Lots 100 and 101 covering 18.44ha at McGregor Rd previously held by Japanese developer Daikyo is now owned by Heavy Lex No 64.
Directors Stefano and Corina Paino are forging ahead with plans for the site and have enlisted
Brisbane based outfit Flagstone Property Group to spearhead a national marketing campaign.
The new tavern including a sports bar and bistro including approval for 45 pokie machines was given the green light by Cairns Regional Council in July 2024 without any public objection.
Approvals from council for up to 104 residential units, a retail complex and daycare centre are yet to be ticked off.
In January 2024 Heavy Lex No 64 applied to reconfigure one lot into 33 with the addition of a new road to run parallel to the Smithfield Bypass.
The application was approved in November last year and in the same month the company applied for an operation permit for lighting works.
Flagstone Property Group director Paul Vamvakaris said total sales at the emerging precinct across the road from the Campus Shopping Village were expected to top $43m.
“I would see us breaking ground in August to September this year, we do have parties that are going through different levels of comfort at the site,” he said.
“We have had an incredible response.
“It’s a massively exciting time for the region in terms of asset growth.
“I’m certain the people of Smithfield will be chuffed that a pub will be going in (on the eastern side) of the highway.
“The (tavern) lot is under offer, we have a well renowned Queensland family that has put something together.
“It’s approved for liquor and gaming and it’s a really family friendly pub and we are looking for a buyer for the hotel next door.
“The whole Smithfield section is going to go mental, with Paradise Palms (selling) its creating quite a bit of density.”
A new servo also planned for McGregor Rd in 2019 was reviewed a year later to include a masterplan of the precinct into a mixed use development to include shops, healthcare buildings and indoor sport facilities which was granted approval in 2021.
Heavy Lex No 64 also owns two large lots on the Captain Cook Highway including the site of the old Cairns Tropical Zoo. In 2021 approvals were sought to demolish the existing infrastructure on the site to be replaced by a service station and two fast-food outlets.
Also on the books of Flagstone was a massive new community and industrial subdivision at Gordonvale and an allied health development on Lake St, both are projects of Stateland Property Group.
A projected Gross Realisation Value of the McGregor Rd site has been estimated at $79m.
Unit sales are being invited through an expression of interest process and can be made through Flagstone Property Group.
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Originally published as Flagstone Property Group spearheads sale of McGregor Rd mixed commercial development
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