Precinct 21 takes shape
A SYDNEY-BASED developer with backing from Singapore has acquired a Townsville office building, saying now is the right time to enter the market.
Thirdi Group has purchased 21 Stokes Street, previously leased by infrastructure group AECOM, and is undertaking a $10 million revamp of the property.
The site has been rebranded Precinct 21 and will offer five levels of quality commercial office space with an average of 1000sq m floor plates that will reactivate an important site.
Thirdi director Luke Berry said the firm kept a close eye on Townsville and believed it was on the cusp of big things.
He said they were backed by some major Singapore funds who shared their view that it was a good time to enter the Townsville market.
“Thirdi is a diversified property development group that has demonstrated experience in revitalising commercial and residential sites in regional areas,” Mr Berry said.
“We have developed strategic greenfield residential projects in Townsville as far back as 2012, and with the significant public and private investments announced, we believe now is the time to reinvest in the city.”
The group acquired the site through commercial property sales and leasing agency E-property North Queensland, which has been retained to manage leasing of the premises.
E-property commercial sales and leasing manager Steve Whaling said the work carried out on the property would position Precinct 21 as highly sought after office space.
“The location of Precinct 21 on the corner of Stokes and Sturt streets offers a high-profile position with excellent signage and branding opportunities for tenants,” Mr Whaling said.
“The scale of this project is unique to Townsville with large floor plates that can be custom designed to perfectly fit with the needs of prospective tenants.
“Thirdi have demonstrated their commitment to the city with the purchase of the site and moving quickly to upgrade the building.
“Precinct 21 is an important piece of the puzzle that will help reactivate the CBD and attract more workers to the city.”
Thirdi has more than $1 billion worth of projects under way across Australia and internationally.
The firm is involved in developments in the retirement, commercial and residential sectors and has delivered projects in regional centres across Australia.