Newspaper article News Mail Bundaberg Qld.

Site A[euro][approximately]bought for Path'

Newspaper article News Mail Bundaberg Qld.

Site A[euro][approximately]bought for Path'

Article excerpt

Leah Kidd

COUNCIL REPORTER

BUNDABERG Regional Council has purchased a riverfront property that may require a wetsuit and flippers to access at least part of their purchase.

In a closed-door meeting at the council last month, the councillors voted to purchase the land of the corner of Quay and Targo Sts, Bundaberg Central.

The land in question is on the riverside of the Midtown Marina chandlery, where the remnants are positioned after much of the land slid into the river in February.

The council purchased the land from Ray Foley, owner of Midtown Marina.

And while neither party was willing to divulge the price of the land sale, RP Data shows that in 2007 the land was sold for $250,000.

Owner of Michael's Real Estate and local spokesman for REIQ Michael Dempsey said the land was still considered "prime real estate".

But despite this, Mr Foley said he had not come out of the deal "ahead".

"For what I paid for it and what I sold it for - we had a fair loss situation," Mr Foley said. …

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