Premium interest in waterfront site
STRONG developer interest is expected for a premium residential development site overlooking the Ross Creek Marina and Townsville City centre.
The 2023sq m amalgamated site of four lots at 39-41 Palmer St, South Townsville, is being taken to the market in an Expressions of Interest campaign by Knight Frank’s Craig Stack, Andrew Forster and Christian Sandstrom on behalf of owner OCL TSV Pty Ltd It is expected to sell for around $3m.
The site was previously approved for a high-density resi
dential development of up to 10 levels and 74 units but has a permitted building height of up to 12 levels, enabling potential views to the Strand, The Ville Resort-casino and Queensland Country Bank Stadium.
Knight Frank Townsville Senior Partner Craig Stack said it was expected there would be strong developer interest in the site, particularly with confidence in the Townsville prestige unit market and quality accommodation hotels returning strongly.
“This site is situated in Townsville’s established accommodation and dining precinct and suits residential
development for short-term or long-term occupants,” Mr Stack said.
“We found very strong levels of interest in prestige units for permanent residents earlier this year when we successfully sold Anelay on The Strand prior to completion.
“Since then, it has been difficult to get owners to sell highquality development sites on the Strand with water views at ground level, and Palmer St now makes very good sense.
“Palmer St and the beachfront units on the Strand are the only addresses that consistently achieved sale prices in excess of $2m for prestige units over the past few years.
“39 – 41 Palmer St provides water views at ground level and 12 levels of permissible building height. By the time you are reaching level four you are looking over the Townsville foreshore to Magnetic Island.
“The street is also achieving very strong hotel occupancy levels and is regularly full during the many Townsville events and Cowboys games. Our new stadium is only 500m away with a great creekside walk.”
A price of $3m for the amalgamated site would equate to $1500/sqm.
Mr Stack said this was very achievable with the last development site sold by Knight Frank on the Strand being priced at $3.15m, equating to $2318/sqm.
Mr Forster said the economic performance of Townsville City and the wider North Queensland region had been incredibly strong since 2018 which was attracting investors. “The major private investment in the resources and renewables sectors in the past five years is now being accompanied by major public expenditure in the defence and health sectors over the next three years,” Mr Forster
The Expressions of Interest campaign closes on December 8.