Townsville Altitude development complete and adding to sales tally two years after stalling

Funds manager Securcorp has completed the 46-apartment Altitude development, which it took over in late 2009 after developer Benchmark Developments and CMC went in to liquidation with the project half-finished. 

Eight had been sold off the plan, and PRDnationwide agent Christie Leet is now marketing the remaining properties in the 16-storey building. PRDnationwide has sold five apartments so far. 

The building comprises 11 two-bedroom units, 33 three-bedroom units and two penthouses. Two-bedroom apartments start at $395,000, and three-bedroom units start at $435,000. 

"That's probably the best value for a three-bedroom apartment in the Townsville CBD," Leet says. 

"There are plenty of buyers for well-priced property, and $435,000 is below replacement cost. The quality is completely different to other apartment complexes in the CBD developed recently, with the high standard of furnishings and quality of finish.” 

Securcorp managing director Michael Robinson says Altitude is a boon to Townsville. 

"This is an iconic project for the city and our objective has been to ensure it was completed to the highest standard, which we have achieved with the input of the local contractors we have had on site," Robinson says. 

Median asking rent for units in Townsville is $400, and the indicative gross rental yield for units in the city is 4.9%, according to RP Data. 

Construction company Matrix was hired at the beginning of 2010 to complete Altitude, with the majority of the original contractors re-engaged. 

“The apartments also appeal to those relocating or based in Townsville part-time, which is a growing market due to the strength of the resources sectors and the city’s position as the administration and business capital of North Queensland,” Leet says. 

Altitude is in Townsville’s entertainment and restaurant precinct and offers views of Castle Hill and across the water to Magnetic Island.