Mackay businessman forced to put holding in receivership

This is not the first time receivers have been appointed

Settlers rise. Picture: Realestate.com.au

A PROMINENT Mackay businessman has been forced to put another holding into receivership.

John Cowley, director of Cougar Developments and former owner of Mackay Grande Suites, numerous nightclubs and other high-profile holdings is now working on selling the Settlers Rise development at Erakala.

The Settlers Rise website is inactive, but realestate.com.au lists blocks in the development area for sale around $350,000.

The site is split into several development phases, with stages 4 and 5a, comprising 43 blocks, ready to go. The original stages will not be affected.

A buyer could onsell the 800,000sq m land holding, of 254 blocks, for upwards of $90 million at current prices.

Receivers Jamie Harris and Anthony Connelly McGrathNicol said they were considering a variety of buying structures including return on investment sought for purchase, joint venture, or project management.

Selling agents from Ray White Brisbane, Mark Creevy and Tony Williams, both declined to comment due to the "sensitive nature of the sale".

Mr Cowley did not return our phone calls.

The Cougar Developments website also lists The Waters at Ooralea, Valetta Gardens, Railway Central in Paget, Harbour City Central and two development opportunities, the Hossacks site and the Leichardt site on River St for sale, but it is unclear if these will also be divested.

This is not the first time Mr Cowley has appointed receivers for holdings, mid-last-year, employing Ernst and Young to sell the Grande Suites, which has now been taken over by Rydges.

Originally published as Mackay businessman forced to put holding in receivership