Expressions of interest sought for masterplanned Hive site in Townsville’s CBD
The preferred location for Townsville’s dream concert hall has been put up for sale. Find out why.
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Hot on the heels of The Hive site on the Strand being named as the preferred site for Townsville’s future concert hall, the entirety of the massive, masterplanned CBD site has been listed for sale for the first time.
With its development application current until 2030, the Hive project was estimated to be worth $450m, offering retail, entertainment, cultural, education and community space, civic areas, mixed use and open spaces, and approval for 20 storeys.
Bounded by Flinders St, King St, The Strand and Wickham St, the full Hive block incorporates the heritage-listed Queens Hotel and the demolition-approved former Criterion Hotel. Colliers associate director Angelo Castorina previously listed the block hosting the Criterion 18 months ago.
A contract was signed six weeks later with Centurion Global founding director Mark Tonge for the entire Hive site.
“The purchasers (Centurion Global) weren’t able to obtain self-finance for the transactions, so the contract came to an end … in October last year,” Mr Castorina said on Monday.
After a mortgagee in possession sale of his blocks at Magnetic View Estate and a notice of winding up application last year, Mr Tonge decided against proceeding with the Hive sale – according to an agent familiar with the transaction.
Original owners Gleeson Group tapped Mr Castorina again to market the six titles in the 17,271 sqm Hive site “as a whole”, listing it for sale through an expression of interest campaign 10 days ago, which was already attracting interest from potential buyers.
“It’s a very complex master plan, because it’s a mix of office space, residential hotel accommodation, there’s an entertainment precinct, which I’m guessing was probably earmarked or something like the concert hall,” he said.
“It may be the case that another developer, with a new set of eyes on the site could come forward with a different concept plan.
“The preference is to sell (the Hive) as a whole, however … there is the flexibility for the site to be sold separately, so if somebody is interested in Queens hotel or the Criterion, or one of the other sites that make up the Hive, they are able to submit an offer.”
Key project elements for the mixed-use zoned development include a 120-plus room hotel, up to 10,000 sqm floor area for office, 3000 sqm for retail and food beverage, premium residential apartments, 3000 sqm for research and technology, public domain, plaza, terrace forecourt and $1.9m in infrastructure credits from Townsville City Council.
The Gleeson Group, Mr Tonge, and Centurion Global have been approached for comment.
Expressions of interest close on March 13.
For more information, visit colliers.com.au.
Concert Hall business case backs The Hive location
Completed in September 2023, yet only released to the public on January 30, AEC’s detailed business case for the Townsville Concert Hall, gave its highest rating to The Hive’s site (90 per cent), followed by The Strand’s former Townsville Bowls Club site (80 per cent), and Dean St (70 per cent).
The 1.7ha site Hive site was recognised for its “superior cityshaping impact”, with the “capacity to make an iconic statement that will transform the CBD”, due to its proximity to The Strand, Flinders St and Palmer St, the Museum of Tropical Queensland, and soon to be redeveloped Townsville Aquarium.
“A potential collaborative partnership with the owner of The Hive could also catalyse other complementary development, such as 4+ star accommodation (potentially with additional conference and event facilities) and additional food and beverage outlets,” the business case said.
“The integrated cultural, accommodation and food and beverage development underpins the iconic potential of the site and ability for a design to support activation of the heritage building and public realm and strengthen linkages to the public open space and visitor attractions in the precinct.”
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Originally published as Expressions of interest sought for masterplanned Hive site in Townsville’s CBD
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