Landlord of Gladstone luxury units makes massive price drop
PUTTING a roof over the heads of construction workers used to be the bread and butter of Portside Executive Apartments.
But with Gladstone in a slump and Calliope's Homeground workers camp picking up what few workers there are, Portside Executive Apartments owner Doug Forbes has changed tact.
The apartment complex, situated right on the water next to the Gladstone Yacht Club, was built by Mr Forbes' parents in early 2000 with the intention to lease the 22 townhouses out.
However, once the boom was in full swing Portside was chock-a-block full of workers, business executives and tourists and ran as a hotel.
After a tough 12 months Portside decided to close its doors on its hotel operations at Christmas and has since began refurbishing the two bedroom townhouses to prepare them to be once again leased out as rentals.
In what is arguably one of Gladstone hottest locations, you can now pick up a fully furnished waterfront apartment for either $245 or $195 a week.
"With the opening of several large scale hotel options in town in recent years, affordable workers camps outside of town and the slowdown in demand for short term accommodation the decision (was) made to re-market the complex as long term rentals," Mr Forbes said.
"The complex was originally designed for this purpose with each townhouse having two bedrooms, full sized kitchens and laundry, open plan kitchens and dining area --- and of course a deck with a water view.
"I may be biased but there is not a better spot in town at dusk than the deck of the Yacht Club looking out to the harbour...living at Portside allows you to enjoy that every day from the comfort of home."
Mr Forbes said he had started marketing the properties in January and was doubting the move because things were "dead".
But with February over Mr Forbes said things were starting to kick a long and he was optimistic the town was on its way to recovery.
Mr Forbes has used local contractors for the former hotel's refurbishment and was using local real estate firm CQ Executive Properties to manage rentals.