THE developer behind the Quest serviced apartments development in the top end of Summer Street has withdrawn from the project and listed the site for sale.
PrimeSpace Property chief executive officer Anthony McDonald said the company is close to completing work on the adjacent Summer Centre shopping centre and didn’t want to invest any additional capital in Orange.
“I’m disappointed, because it would have been a fantastic development,” Mr McDonald said.
“We have no desire to invest further, we already have $22 million’s worth of assets in Orange and we think that’s enough.
“If we went ahead with the Quest development we’d have [spent] $50 million there and that’s too much exposure.”
Mr McDonald said despite PrimeSpace backing out of the Quest development, the Quest group was still keen to proceed with its plans, at the same location, but it would be up to whoever purchased the site to make that decision.
“Quest want to be at that site but the Quest option is just one of plenty of other options,” Mr McDonald said.
Mr McDonald said while the Summer Centre development was slow to progress this wasn’t a contributing factor in the decision to sell.
“We’ve struggled through some pretty difficult economic times,” he said.
“There’s no question that Orange is a good place to invest.
“I like the diversity of its industry base, Orange will continue to be a sound place for people to invest in, in the future.”