Eat street’s comeback
The city’s eat street in South Townsville is making a comeback with agents reporting a flurry of activity centred on Palmer St involving a series of sales and leasing deals.
While several new restaurants are opening, some wellheeled developers are also active, extending or taking up positions to potentially build on what is to come.
KPAT Property owner and founder Kenneth Wagner, son of high-profile Toowoomba businessman Denis Wagner, is understood to be the buyer of the Oaks Townsville Metropole Hotel in a deal which is expected to settle soon.
Meanwhile, Star Group hotels boss Steven Shoobridge, who already owns the Rydges Southbank, Palmer Collective and Shamrock Hotel in Palmer St has added to his holdings acquiring the former Bistro One restaurant as well as other sites in Mcilwraith St.
Colliers Townsville managing director Peter Wheeler said the Bistro One site had been leased to an Indian restaurant operator who was expected to open soon.
Colliers also negotiated the sale of the Adventurers Backpackers Resort to Sydney developer Globuild which is redeveloping that site and considering luxury unit projects in Palmer St.
“It’s really about a revival of Palmer St which is fantastic. Tying this area into the stadium and the CBD, this is what we have been wanting to see,” Mr Wheeler said.
“It certainly says business confidence is still reasonably solid despite concern about rising interest rates, rising costs of living and the costs of doing business.”
In recent openings, Copper Bar & Grill is operating in the former Nando’s tenancy and Bayview Bar & Bistro has leased the former Crown on Palmer.
At the corner of Mcilwraith and Dean St, a local owner has redeveloped a commercial building for tenants including Bravus Mining and Resources’ new Townsville headquarters.
imcommercial agent Tony Parker said the city’s property was priced at a level where people could take advantage of the opportunities.
Mr Parker said the renewed activity was a reflection of the wider Townsville market, while Mr Wheeler also pointed to the potential benefits of locating planned arts facilities close to the CBD including Dean Park or the Morris Group’s south yards holdings.