$450m Hive development attracts nationwide interest for Townsville’s Strand
A growing focus on the transforming Townsville’s waterfront is expected to attract buyers towards the $450m The Hive development on the Strand. Read the latest update.
News
Don't miss out on the headlines from News. Followed categories will be added to My News.
Future Townsville is a series launched by The Townsville Bulletin which will explore the sector’s outlook in Queensland showcasethe economic, employment and innovation it brings to the state. The series, which finishes on Wednesday, has been supportedby Hancock Agriculture and S. Kidman & Co., Bravus Mining and Resources, Port of Townsville, Aurizon, Bank of Queensland,Queensland Resources Council, Sun Metals, Ark Energy and Urbis.
As Townsville turns its focus towards the revitalisation of its waterfront area, the agents selling the $450 million Hive development at The Strand remain confident the block will be sold soon.
The full 17,271 sqm Hive block, which incorporates the heritage-listed Queens Hotel and the demolition-approved former Criterion Hotel, was listed for sale by Colliers Townsville in February.
Presently owned by the Gleeson Group, the property has a development application lasting until 2030, with a masterplan incorporating retail, entertainment, cultural, education and community space, civic areas, mixed use and open spaces, and approval for 20 storeys.
Colliers associate director Angelo Castorina said inquiries into the sale and redevelopment of the property remained ongoing, and they were confident of an outcome in the very near future.
“We have received an extremely high level of interest from right around the country, as you can imagine,” Mr Castorina said.
“Feedback has been very positive which is no surprise for a signature site of this calibre and location.”
Given that the site “book ends” the Strand and CBD, and its size, he said it was one of Townsville’s important development sites, poised to play a critical role in the future.
“The benefits that a site of this nature will bring to the table for Townsville is significant as it is critical,” he said.
“Ideally the site lends itself to a mixed use of residential, tourism and hospitality (hotel) and commercial uses that compliments the surrounding landscape.
“There is also the former Queens Hotel building which forms part of the site that is a grand heritage structure that needs to be preserved and will tie in magnificently with any proposed redevelopment. It really would be fantastic to see it brought back to its former glory.”
Colliers Townsville managing director Peter Wheeler said it was well documented that the city’s development space remained challenged due to a wide-spread rise in construction costs across the nation.
“This is where it is critical that all levels of government and the private sector must continue to collaborate to try and bridge the gap so we can start to see some much-needed outcomes, particularly when it comes to providing any form of residential development,” Mr Wheeler said.
He said the development of our waterfront and priority development area (PDA) was hugely important for Townsville, especially as the city was experiencing strong growth and was looking to present itself as a liveable location to attract more workers.
“Now we have the jobs, and they are good paying jobs, so it’s critical we get the liveability piece right,” he said.
“A PDA is designed to prioritise development to facilitate economic and community benefits, however sadly we haven’t quite taken advantage of this and its about time we did wherever possible, otherwise what’s the point of having it.”
For more information, visit: www.collierrs.com.au.
More Coverage
Originally published as $450m Hive development attracts nationwide interest for Townsville’s Strand
Queensland’s biggest cropping families revealed
They keep the nation fed and clothed, but these Queensland legends often go unappreciated. Meet the state’s greatest cropping families. SEE FULL LIST
‘Next few months’: Next frontier in hydrogen fuel surging ahead
Sun Metals and Ark Energy’s innovative Hydrogen Hub is paving the way for a future in which heavy haulage is done with far fewer emissions, and trucks run on clean, renewable power. See how in the latest feature of our Future Townsville series.