River flats get a green light
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.