CHINESE INVESTORS EYE THE STRAND
Strand now hotspot
CHINESE investors are eyeing properties on Townsville’s Strand as international buyers look North for development opportunities as they become scarce in capital cities.
A group of Chinese investors is actively looking at a motel property on The Strand, which could be the first sale in what is expected to become a new trend in foreign investment.
Remax Townsville agent Michele Hyde said a lot of Chinese people investing in Australia also wanted to educate their children here, and in James Cook University Townsville had one of the world’s top education institutions to attract them.
“I’m sure we will see more Asian investment coming in,” Ms Hyde said.
She was also confident of more redevelopment of property along the Strand.
Ms Hyde said construction of VEER, a $ 10 million unit and retail project at 62 The Strand, was set to start this month after six of its eight luxury units sold.
It is the first new project on The Strand in almost a decade and follows Townsville City Council increasing height limits to five storeys last year as part of their new town plan.
Knight Frank Townsville managing director Craig Stack said Townsville and North Queensland was likely to attract a growing share of Chinese investment into property development, particularly in tourism.
Some of the most significant Chinese investments in North Queensland so far have been made in the Whitsundays, primarily in tourism- related assets such as Whisper Bay and Laguna Quays.
Chinese company Nanjing Construction has completed a multimillion- dollar waterfront development at Whisper Bay, while the Whitsunday Regional Council last year accepted a tender from Whitsunday Chinatown Investment to buy a $ 2.5 million block of council- owned land at Airlie Beach to develop a hotel, short- term accommodation and about 100 shops and restaurants.
Mr Stack expected more Chinese investment, particularly as the opportunities for new development became more scarce in the capital cities.
He said the focus was more likely to be targeted toward tourism or properties regarded as trophy assets.