Tower units in CBD

Townsville Bulletin - - Investor - by Martin Rasini martin. rasini@ townsville­bul­letin. com. au

A mil­lion apart­ment build­ing that forms part of Townsville’s premier in­nercity rede­vel­op­ment pro­ject is poised for re­lease to mar­ket af­ter gain­ing city coun­cil ap­proval this week.

T h e 1 0 - l e v e l t o w e r , Kens­ing­ton, the third stage of the $ 400 mil­lion Cen­tral de­vel­op­ment, will fea­ture 44 one and two-bed­room apart­ments above a ground-level park­ing.

C e n t r a l i s b e i n g un­der­taken in stages by H o n e y c o mb e s P r o p e r t y Group on a 6.5ha par­cel on Flin­ders St West where the s e c o n d s t a g e , Ho l b o r n , which has 78 apart­ments above ground-level re­tail space, has just been com­pleted.

Cen­tral’s first stage, Is­ling­ton, com­prises one ninelevel and two four-level build­ings shar­ing 95 apart­ments, and a 3600sq m three­storey re­tail and of­fice build­ing.

Hon­ey­combes man­ag­ing di­rec­tor Peter Hon­ey­combe said his team had worked closely with the coun­cil to f i n a l i s e t h e d e s i g n o f Kens­ing­ton and he was pleased with the process and the time­lines de­liv­ered by its plan­ning depart­ment.

‘‘ Af­ter wrap­ping up con­struc­tion ear­lier this month of Hol­born, we are look­ing for­ward to start­ing con­struc­tion of Kens­ing­ton,’’ Mr Hon­ey­combe said.

‘‘ We have a lot of con­fi­dence in the mar­ket for affordable in­ner-city apart­ments af­ter sell­ing nearly all of Hol­born’s apart­ments off the plan. More than 50 apart­ment sales in Hol­born have set­tled and many res­i­dents have moved in, with the bal­ance of apart­ments due to set­tle over the next few weeks.’’

Mr Hon­ey­combe said the group would set a con­struct i o n s t a r t d a t e f o r Kens­ing­ton af­ter the city coun­cil re­leased de­tails of an ex­pected cen­tral busi­ness district de­vel­op­ment in­cen­tive plan.

Prices for Kens­ing­ton’s apart­ments are ex­pected to start at $ 295,000, with an av­er­age price of $ 420,000 for two-bed­room apart­ments.

Recre­ational fa­cil­i­ties will in­clude a pool and will share the first level with ter­race apart­ments.

Co u n c i l p l a n n i n g a n d e c o n o m i c d e v e l o p m e n t chair David Crisa­fulli said Kens­ing­ton would be an im­por­tant ad­di­tion to the busi­ness district.

‘‘ It’s great for the city to at­tract pri­vate in­vest­ment, par­tic­u­larly projects that cre­ate lo­cal jobs and of­fer qual­ity, affordable liv­ing op­tions,’’ he said.

CITY LIV­ING: The 10-level tower, Kens­ing­ton, will fea­ture 44 apart­ments

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