Hive of excitement for development project
‘This acquisition is an important step in our expansion’
One of Townsville’s most exciting and transformative development sites is changing hands.
Parties to the deal say an agreement has been reached for the sale of The Hive project to Gold Coast developer Centurion Global Developments.
The 1.7ha site, comprising almost an entire city block including the former Queens Hotel on the Strand, has been owned by the Gleeson family since the mid-1990s who for the past 10 years have been planning the concept of The Hive project.
Described as one of the most transformative projects in Townsville’s history, approval for the project was obtained in 2021 when Townsville City Council approved an application for the first stage of the Hive development.
At the time of approval, the proposed development comprised of retail, entertainment, cultural, education and community space, civic areas, mixed use and open spaces, all while retaining and incorporating the grand Queens Hotel structure into the design.
Other approvals included two residential towers.
A shared pedestrian and vehicular laneway providing access from The Strand through to Flinders Street was also planned.
High construction costs stalled development of the first stage, commercial offices to provide head offices for the Great Barrier Reef Marine Park Authority, last year.
Founding Partner of Centurion Global Mark Tonge said they saw an opportunity to reposition the development with a slight variation on its focus while retaining the core use approvals.
“We are thrilled to be acquiring the Hive development site in Townsville from Gleeson Group,” Mr Tonge said.
“This acquisition is an important step in our expansion into the Townsville market, and we look forward to bringing a development of this level to the vibrant Townsville community.
“We are committed to working collaboratively with the Townsville community to ensure that the Hive development site becomes a vibrant and dynamic hub that meets the needs of the local community.”
Gleeson Group Managing Director Therese Smith said they were happy to hand over the project Centurion Global to bring The Hive plans to life.
“Our father and grandfather, Jack Gleeson, was a visionary leader. He saw this unique site as a legacy for our city, a special place for all Townsvillians and visitors to enjoy,” Ms Smith said.
“The Queens Hotel was his pride and joy and we look forward to seeing the plans for residential and hotel developments become realised for this unique site.”
It is intended the Queens Hotel be retained and incorporated into the proposed development.
The Criterion Hotel has Development Approval for it to be replaced with a modern residential accommodation tower that will overlook Anzac Park and the marina with views to Magnetic Island and the Palm Islands group.
Colliers Associate Director Angelo Castorina, who brokered the deal, said Centurion Global had a proven track record of projects and a reputation for delivering highquality developments that met the needs of the communities in which they were located.
The acquisition will allow Centurion Global to expand its footprint in the Townsville area, having already completed a gated estate at Pallarenda called Magnetic Views, and having other developments under way, including Castle Hill Estate, Limestone Estate Condon, an apartment project in Ross River Rd and an apartment building at 9 The Strand, which neighbours the Hive project.
A sale price was not disclosed.