Townsville’s most strategic land holding is on the market
The largest CBD freehold, mixed-used development site with holding income, is set to hit the market in the coming weeks.
Colliers International in conjunction with CBRE are selling this significant holding known as the South Yards precinct, on behalf of Honeycombes Property Group who are one of Queensland’s largest private developers. The 17.2ha site is on the edge of the Townsville CBD and will become an extension of the city once fully developed.
Adjacent to the new $300 million, 25,000 seat Queensland Country Bank Stadium, the purchaser will have the opportunity to masterplan the site and develop a mixed-use precinct, capitalising on the growth underway in North Queensland.
The South Yards precinct has a holding income of more than $870,000 per annum; a rarity for large-scale development sites.
“The South Yards site is intended to be the natural expansion of the Townsville CBD and represents a huge opportunity for a forward-thinking investor, developer or land banker,” said Samuel Biggins, Director, Investment Services at Colliers International.
“Notable comparisons can be drawn to renowned urban renewal projects such as Brisbane’s James Street and Southbank precincts; Lend Lease’s Barangaroo project and Docklands in Melbourne.”
Neville Smith, Associate Director, Townsville at Colliers International said “Townsville is the economic, administrative, educational and defensive hub of Northern Australia, with over $12 billion in infrastructure projects currently underway.
“The city enjoys a diversified economy supported by several sectors including the Australian Defence Force; prominent higher education institutions such as James Cook University and State and Federal government bodies including the Australian Tax Office and Queensland Government Regional Headquarters.
This major land holding is of the same size as Townville’s existing core CBD with an anticipated development standard already set with the grandeur of the new Stadium precinct opposite