ACCOMMODATION facilities manager Q Resorts is boosting its investment in Townsville’s $ 400 million inner-city Central project with purchase of management rights to the yet-tobuilt $ 17 million Kensington building.
The purchase, for an undisclosed sum, follows acquisition by Q Resorts of rights to Central’s earlier s t a g e s , I s l i n g t o n a n d Holborn, in which it operates a letting pool of 159 serviced apartments.
It comes as the business recorded 80 per cent occup a n c y r a t e s a t t h e 95-apartment Islington, and a first-month occupancy rate of 90 per cent at the 78-apartment Holborn.
Central is being developed with partners by Townsville’s Honeycombes Property Group on a 6.5ha site on Flinders St West.
The 10-level Kensington, w i t h 4 4 o n e a n d t w o - bedroom units, received council approval earlier this month and is to be l aunched within weeks, with apartments expected to be priced from $ 295,000.
Q Resorts managing director Rob Mclean said the Kensington investment reflected Townsville’s strong and diverse economic base, including government, def ence, mining and education and the solid performance of Central.
‘‘ We opened Holborn at the end of February and expected a 60 per cent occu-
ON A HIGH: Rob Mclean at the Holborn building of the Central development pancy rate for March, only to find the rate soared well beyond that to 90 per cent,’’ Mr Mclean said. ‘‘ While the result took us by surprise, it isn’t an anomaly. Occupancy rates in Islington are up five points on last year to 80 per cent.’’
Mr Mcl e a n , who wi l l s pend t hree months i n Townsville bedding down the Holborn business and appointing a manager, said the typical guest was staying for between two and seven nights and booking well in advance.
‘‘ With Townsville’s tourist season about to start and a full calendar of major events from now to September, we are confident occupancy rates will remain consistent or perhaps exceed current levels,’’ he said.
Mr Mclean said Central’s self-contained apartments provided a home away from home for business travell e r s , o f f - r o s t e r mi n e r s , holidaymakers and families visiting Townsville.
He said the addition of Kensington’s 44 apartments would enable Q Resorts to meet expanding demand, in line with growth of the city, and would not be the company’s last investment in Townsville.
‘‘ We have great faith in the future of Townsville and will be looking to acquire rights to additional accommodation down the track,’’ he said. ‘‘ Our view is that buoyancy in the Townsville market will enable us to add 100 apartments apartments or more to our portfolio in the city over the next few years.’’