River flats get a green light

Townsville Bulletin - - NEWS - AN­DREW BACK­HOUSE an­drew. back­house1@ news. com. au

A MULTI- mil­lion dol­lar res­i­den­tial de­vel­op­ment with frontage along the Ross River will go ahead, the de­vel­oper has con­firmed.

Three de­vel­op­ment ap­pli­ca­tions to ex­tend ap­proval for stage two of the Pic­cadilly on Cen­tral project were given the green light by Townsville City Coun­cil last week.

Hon­ey­combes Prop­erty Group is bankrolling the project, a mixed res­i­den­tial and re­tail de­vel­op­ment.

The first stage in­cludes the ex­ist­ing Cen­tral Vil­lage precinct and of­fices which house CQUniver­sity and the Townsville Bul­letin.

The next stage of the de­vel­op­ment will fea­ture units and owner- oc­cu­pied dwellings along the Ross River and across from the new Townsville CBD sta­dium.

Hon­ey­combes sales and mar­ket­ing man­ager Blair Shilling­ton said the com­pany had re­quested an ex­ten­sion to en­sure ap­proval for the site did not ex­pire.

The project had been on hold due to mar­ket con­di­tions but Mr Shilling­ton said there was now more con­fi­dence in the econ­omy.

“The mar­ket is start­ing to see green shoots,” he said.

Mr Shilling­ton said the project was in a favourable po­si­tion in the CBD.

“It’s al­ways been in a prime po­si­tion be­cause of the prox­im­ity to the CBD,” he said. “With the an­nounce­ment of the sta­dium close by it makes it even more at­trac­tive.”

Mr Shilling­ton said the scale of the project would de­pend on mar­ket condi- tions. “We might fast- track it if there’s a need,” he said.

The com­pany had been wait­ing for the first sod to be turned on the sta­dium project, ex­pected this month.

“The sta­dium won’t be the be- all and end- all but it will help pro­vide con­fi­dence. There’s been a lot of in­ter­est from south­ern de­vel­op­ers and agents.”

Stage one of the project was worth about $ 19 mil­lion.

The coun­cil ap­proval al­lows for 50 apart­ments but that plan has been scaled back to 47.

Mr Shilling­ton said the com­pany could re­turn to its orig­i­nal plan if mar­ket con­di­tions were suit­able.

The project is ad­ver­tised on­line but Mr Shilling­ton said he was not ac­tively pro­mot­ing the de­vel­op­ment.

APART­MENTS CON­FIRMED: A con­cept de­sign of stage two of Pic­cadilly on Cen­tral.

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