Townsville Bulletin - - NEWS - TONY RAGGATT

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.