Price right to start project

The Weekend Post - - News - HAY­DEN SMITH hay­den.smith@news.com.au Grab your Real Es­tate Guide in to­day’s Week­end Post.

WORK is to ramp up in earnest on a rare Far North unit de­vel­op­ment at Yorkeys Knob.

The brain­child of Bris­banebased de­vel­oper and for­mer Cairns res­i­dent Troy Price, White­haven Apart­ments at 6-8 Wat­tle St will fea­ture 21 two-bed­room units when com­pleted later this year.

The units will be priced from $430,000 when they hit the mar­ket this month.

The project, worth more than $10 mil­lion, hits close to home for Mr Price, who played at Half Moon Bay Golf Club with his grand­par­ents while grow­ing up in Cairns.

The Price & Part­ners di­rec­tor also has pedi­gree in Far North de­vel­op­ment.

His grand­fa­ther Pat moved to the re­gion af­ter World War II and built a Port Dou­glas re­sort, now known as Co­conut Grove, while his dad Wayne spear­headed sev­eral ma­jor projects in Cairns.

It comes eight years af­ter his last Far North de­vel­op­ment, a se­ries of lux­ury town­houses at Clifton Beach.

“Jay Beattie (of Col­liers In­ter­na­tional Cairns) rang me and said there was a fan­tas­tic prop­erty up here, just off the Yorkeys Knob es­planade,” Mr Price said.

“It’s a dream to be able to build White­haven Apart­ments as our sig­na­ture de­vel­op­ment.”

Keir Con­struc­tions is the prin­ci­pal con­trac­tor for the project, which is sched­uled to fin­ish in “Au­gust or Septem­ber”.

Mr Price said slabs would be go­ing down this week.

He said the Far North’s surg­ing tourism sec­tor and tight rental va­cancy rate were in­flu­enc­ing fac­tors in the de­vel­op­ment.

“We now have mul­ti­ple in­ter­na­tional mar­kets in­ter­ested in Cairns, not just the Ja­panese but China and a host of South-East Asian coun­tries,” he said.

Sub­urb real es­tate agent Terry Lof­tus of Bragg Real Es­tate said the de­vel­op­ment was a great “vote of con­fi­dence” in the re­gion.

Cairns’ De­cem­ber quar­ter va­cancy rate was 2.4 per cent, ac­cord­ing to real es­tate in­dus­try body REIQ.

SIG­NA­TURE DE­VEL­OP­MENT: An artist’s im­pres­sion of White­haven Apart­ments at Yorkeys Knob.

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