HIGH END HOMES FOR HILL
THE sale of a large development site in Belgian Gardens provides more evidence confidence is building in Townsville’s property market, Colliers International says.
The property firm has negotiated the sale of a 4892sq m site in Little St for just over $ 1.15 million to local venturers builder Darrell Gribble of Liveconstruction and partner Julian Caley.
The hillside property, above Waterview Terraces and Bessell Lodge, provides panoramic views over Cleveland Bay and Magnetic Island but has sat idle for years.
Colliers International associate director Neville Smith said the venturers planned to develop one of the first highend residential projects undertaken for some time.
He said it showed dence was catching.
“The sloping nature of the site offers its challenges but the buyers have seen an oppor- confi- tunity to acquire this site at the bottom of the market.
“They are going to make a substantial investment to deliver what will be one of the first higher end residential projects in the city over the past 10 years.”
Mr Gribble said it was early days in the design of the project.
“We are about to get some designs for a development application,” Mr Gribble said.
“We will be looking to work closely with the council to pro- vide a product that lementary to properties in the area.”
Mr Gribble believed the market was starting to move in Townsville to support development.
“We have an optimistic view of where the market is going. We think there’s some confidence starting to come into the market,” Mr Gribble said.
While the site has a previous approval for 44 units, Mr Gribble said they were looking at a lower density to do justice to is compexisting TONYT RAGGATT 4722 4439 CHRISTIECHR ANDERSON 4722 4741 the site and the higher end market they would target.
They could go to the market early next year.
Townsville City Council planning chairman Les Walker said the transaction was another sign of confidence among local people willing to invest in the city and create jobs.
Cr Walker said as long as a proposal met the requirements of the planning scheme and community expectations he welcomed the investment and wanted to see more.
In other recent deals, The Ville Resort- Casino owner Chris Morris bought a 2.9ha site alongside the hotel and Stephen Campbell of Brisbane’s Auto Parts Group and local developer Tim Edmonds have bought the former transit centre in Palmer St.
Also, Sydney investors are planning a residential and commercial project on a 6000sq m vacant site on the Strand next to the Seaview Hotel.
SEA VIEWS: Colliers International Townsville associate director Neville Smith at the Belgian Gardens development site where a high- end residential apartment project is planned.