Luxury market booms
Developers keen to cash in on interest
A BOOMING prestige property market has prompted developers to proceed with a luxury apartment project in North Ward near Townsville’s premier seafront strip.
Mcgrath’s Brad Matheson and Jake Murphy have been appointed as marketing agents to 64 Mitchell Street, a development by Sunshine Coast developers Westcon Site Management.
The project’s eight designer units of up to 300 square metres will be priced from $1.5 million.
Mr Matheson said the developers had owned the site for more than 10 years, loved Townsville and with the booming prestige market were now confident to proceed.
“The prestige end of the market in Townsville, and most parts of Australia, has been going well. Castle Hill prices are up 28 per cent in the past 12 months,” Mr Matheson said.
“These luxury apartments will appeal to both the locals and the new arrivals to our city. The size and quality has not been seen before in a new development in Townsville.”
The five-level project is planned for a site which is currently used for offices. Townsville City Council approved a Material Change of Use earlier this year.
The property is close to the Gregory Street cafes and Strand parklands. Mcgrath will begin marketing the boutique development this week offering luxury fixtures and finishes, stellar views across the Strand and Magnetic Island and a laid-back coastal aesthetic with plenty of space for outdoor entertaining.
The properties include state-of-the-art kitchens fitted with stone island benches and custom finishes, alongside accommodation of three deluxe bedrooms, including master bedrooms with ensuites, walk-in robes and private deck.
There will be lift access direct to apartments, a central swimming pool and landscaping, and secure ground floor carparking.
Top floor units 7 and 8 will have high raked ceilings and added glazing.
Mr Matheson said the market was prompting developers holding sites to dust off their plans.
He said one issue that may stop them would be the busy c o n s t r u c t i o n market.
“Everyone is so busy. But these operators are builders and developers,” he said.
“They have owned the site for over 10 years and have built other residential projects in Townsville over the past 15 years.”