‘RARE OFFER’ ON THE TABLE
A PRIME holding on Townsville’s Strand is being offered for sale with approvals to demolish the Criterion Hotel and develop a residential and retail building of up to 20 storeys.
The 2860sq m parcel, on the corner of the Strand and King St, is being marketed by Colliers Townsville as an “exceptionally rare” offering and opportunity.
“If you have a developer who wants to build a 20-level building, this is going to be the site. This is going to be the location where the next big development is going to happen,” Colliers Associate Director Angelo Castorina said.
The King Street North Precinct forms part of The Hive, the name of a larger project and area incorporating the historic Queens Hotel, owned by the Gleeson family, descendants of the late North Queensland television pioneer “Jack”
Gleeson. Last year, Townsville City Council approved the development of a five-storey office and retail building on an adjoining King Street South Precinct which is yet to proceed but is destined to be the new headquarters for the Great Barrier Reef Marine Park Authority.
The Hive includes provision for a new hotel behind the Queens, also up to 20 storeys, up to 10,000sq m of offices, 3000sq m of retail, food and beverage and 3000sq m of research and technology space.
It is opposite the Reef HQ aquarium which is undergoing an $80m upgrade at present.
Mr Castorina said he had already fielded half a dozen inquiries. Properties on the Strand rarely came up for sale and it was highly unlikely a development of up 20 levels elsewhere on the strip would be approved, he said.
Also, the offer of a $700,000 credit on infrastructure charges was another big incentive.
“It is going to leave the door open for southern developers and local developers to come in and build something really special,” Mr Castorina said.
The Criterion Hotel, the site of the city’s first hotel in 1865, was closed in 2015. In 2020, the council approved its demolition subject to conditions including that work on a new building is
started within six months. The site is being offered for sale by expressions of interest closing on November 24.