Hedley Group is set to build another CBD tower, after buying a 4000sq m vacant block next to the Oasis Resort.

CB Richard Ellis general manager Danny Betros said Hedley bought the property - which is bordered by Aplin, Abbott and Lake Streets - from BRCP Oasis Land Pty Ltd, owners of the Oasis Resort.

It is also in a high rise area, being across the road from the almost finished Trilogy complex. The plan was for a mixed commercial and residential complex, he said.

"It is a fantastic site, a real doozy," Mr Betros said. "It always had been planned for expansion by the Oasis.

"However, they still can expand on another site on the north side ofFlorence Street."

Mr Betros declined to comment on price but said it was an excellent result. The site was not publicly advertised, with the deal organised through private negotiations.

He said there were several large trees on the site and the majority of these would be retained.

A spokesman for the Hedley Group could not be contacted for comment yesterday.

Hedley Group has been very active this year, selling its child care network, listing its gaming and liquor division on the stock exchange and starting work on the Citi Central complex in Cairns CBD.

Almost 100 per cent of the leases in Citi Central had been contracted at the last report, with negotations ongoing for the last available space.

Hedley also sold its childcare business to Early Learning Services, in an agreement which will see Hedley retain ownership of the freehold titles.

On the Atherton Tableland, the company is expected to take a formal proposal to council for an aged care centre in coming weeks. The company also has plans for residential developments between Atherton and Mareeba.

Earlier this month, Hedley also received approval for a $50 million retirement village project on a 50ha site
at Caravonica.