Townsville development site listed again

Townsville development site listed again
Townsville development site listed again

A prime three hectare Townsville CBD waterfront development site is being offered for sale again. 

It is being marketed again on behalf of receivers Ferrier Hodgson. 

The Saltwater, Airlie Beach site is adjacent to The Ville Resort Casino having been one part of the extensive portfolio amassed by former Gold Coast developers Resort Corp. 

There are views across the Coral Sea to Magnetic Island from the site at 48 Sir Leslie Theiss Drive.

The site consists of five community title lots, totalling 29,638sqm of land area with 440 metre of water frontage.

The site has a preliminary approval for a mixed residential development that allows for up to an estimated 61,000sqm of Gross Floor Area (GFA) across the site offered to market through Colliers International.

In 2011 the Resort Corp receivers marketed the troubled company's last major asset which was consolidated at a $49.5 million cost in 2007 when bought from Consolidated Properties.

The original project was earmarked to develop 570 apartments.

In 2007, Resort Corp boasted a development portfolio on the northern NSW and Queensland coasts totalling $1.35 billion.

Linked to Paul Brinsmead and Peter Madrers, the group was placed in voluntary administration in March 2009, declaring debts of more than $300 million.

The site also failed to sell after an expressions-of-interest campaign in 2010.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Townsville Development Site


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