Hurst Constructions acquires office warehouse in Aitkenvale
Townsville-based builder Hurst Constructions Queensland has acquired an office and warehouse in Aitkenvale to respond to surging demand in the North Queensland market.
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Townsville-based builder Hurst Constructions Queensland has acquired an office and warehouse in Aitkenvale to respond to surging demand in the North Queensland market.
Owner and director Jarrod Hurst said the Casey Street property would provide a central location to deliver services to industrial and commercial clients across the region.
It would also give them storage space for site offices and plant and equipment.
“Words mean nothing in the property industry unless they’re backed by proactive, measurable
action, demonstrated by our acquisition of the centrally located Casey Street property,” Mr Hurst
said.
“With the sector booming, Hurst Constructions Queensland has acquired the Aitkenvale location to position our operations close to every major development area in Townsville.”
The 911 sqm property includes a 410 sqm warehouse and drive-through access to a secure hardstand area.
It was acquired for $330,000.
Mr Hurst said they would undertake a specialist fit-out of the property before relocating from their current leased offices later this year.
Hurst Constructions are fit-out specialists, having been involved in work like The Taphouse in City Lane and The Bank in Flinders St East.
The business is also involved in construction at the Sun Metals zinc refinery.
Its commercial portfolio includes restaurants, shop fit-outs, nightclubs, small developments, hotels, aquariums, sporting facilities, schools, universities, warehouses and offices.
Knight Frank Townsville agents Dan Place and Paul Dury negotiated the sale.
They said it was rare for a commercial property like 8 Casey Street to enter the market.
It was a good central location in a sought-after light industrial precinct of Aitkenvale.
Mr Hurst established Hurst Constructions Queensland in 2012.
The business has rapidly gained traction as an industry leader in commercial and industrial property development across North Queensland.
INVESTOR SPECIAL: NORTH WARD SHOPS HIT THE MARKET FOR SALE
Agents are expecting strong inquiry for a set of leased shops in Townsville’s Gregory St cafe precinct which have been held by the same family for more than 100 years.
The property, at 39A Gregory Street, adjoins the car park of the North Ward Shopping Centre and is about 200m from The Strand.
Colliers associate director Angelo Castorina said the offering was the kind of asset attracting huge interest from investors chasing value and returns in the property market.
“Primarily, what’s driving the market is low interest rates. If you have money in the bank at the moment, you are earning virtually near to zero so you have to take it out of the bank and put it into a market. It could be real estate or shares,” Mr Castorina said.
While some buyers could be looking to preserve value ahead of any possible return of inflation, Mr Castorina believed another key factor driving an aggressive recovery in the Townsville property market was the relatively good value buyers could see.
“People are looking at the Townsville market and the real estate is so cheap compared to what southern investors see in their backyard. That’s contributing to an aggressive market recovery,” he said. “One of the challenges we have is trying to source stock, particularly blue-chip stock like 39A Gregory St.”
The property, the former Short’s drapery, has been held by the Short family for some 100 years and has never been offered for sale previously.
It consists of three commercial retail shops. The property has two 10-year leases and one three-year lease, showing net income of $118,607 per annum.
The current building, with poured concrete and double cavity brick walls, was developed in the mid-1960s.
The roof structure is also poured concrete, allowing for an additional level to be added.
The property has a 10kw solar panel system, new switchboard and new plumbing.
A restaurant lease in the building has a commercial kitchen with cold room.
GRAND OLD PUB HITS THE MARKET
A SUBSTANTIAL holding in Townsville’s inner-city, including one of the city’s beautiful old pubs, is being marketed for sale as a leased asset to investors.
The Sovereign Hotel has a long history as a watering hole for railway workers, as a well-known gay bar and, more recently, as an event and wedding venue called Sovereign House.
It has been well restored and fitted by its owners of the past 20 years.
Colliers Townsville is offering the property for sale by expressions of interest.
The holding comprises the two-level brick hotel in Flinders St, which is leased on a three-year term with two further three-year options, and an adjoining car yard at the rear fronting Sturt St which has been leased for this purpose for the past 22 years.
Colliers associate director Angelo Castorina said you could buy the entire holding or just the hotel.
“The people leasing the hotel now do events, weddings and functions. It’s more of an event venue that has a hotel licence. It’s a hotel that has got history and it’s got character, there's no doubt about that,” Mr Castorina said.
The property has net income of $85,476 per annum and has a total land area of 2024 sqm.
The hotel, built in 1904, is in the western end of Flinders Street, close to the stadium.
The ground floor features a public bar with show stage and dance floor, DJ facility, lounge area, second bar with function area, commercial kitchen, cold rooms, pool room and beer garden.
The first level has eight furnished airconditioned single and double rooms, a manager’s residence with rear deck, kitchen and bathroom amenities, and full length covered front veranda.
The hotel is equipped with a fire sprinkler system and 60-panel, 15kw solar system.
The car yard on Sturt St is bitumen sealed with masonry block offices.
Expressions of Interest close on August 19.
BP OPENS AT ELLIOT SPRINGS
ONE of the first big commercial developments on the Bruce Highway in Elliot Springs is up and running with the opening of a new BP service station and convenience store.
The project has been developed by the Rampage Group which has a number of sites in North Queensland and operates service stations throughout Australia.
A McDonald’s restaurant is planned for an adjoining site.
Rampage spokesman John Clark said they had undertaken a similar style of development in another of Lendlease’s masterplanned communities south of Brisbane and had taken up an opportunity presented in Elliot Springs.
“The site clearly has dual benefits of being on the Bruce Highway but also fronts Lendlease’s development which ultimately will have 10,000 dwellings,” Mr Clark said.
“We have our own internal food offering. BP supplies the fuel and we purchase our ingredients locally.”
A drive-through to support the convenience store is due to open within a month.
Mr Clark said the travel centre had ample room for coaches and cars towing caravans and boats and employed about 25 people.
“All of our staff are locals,” Mr Clark said.
Property records show the group acquired the 1ha site at the corner of Whites Creek Rd and the Bruce Highway for $2.2m in 2018.
Mr Clark said McDonald’s were looking to build their own facility on land adjacent to the service station which they had agreed to purchase.
Lendlease is opening up more residential lots for sale in Whites Creek, while Elliot Springs was revealed as attaining Townsville’s second top market share in the March quarter in Knight Frank’s April 2021 Insights Report.
Lendlease Development Director Simon Walker said the opening of the BP service station, including the convenience store, was another major milestone for the Elliot Springs community.
“We’re focused on creating the best places and providing our residents as early as possible with convenient facilities right on their doorstep,” Mr Walker said.
“Residents already have access to Wadda Mooli Park which includes a cafe and community space operated by local business Essentially Fresh.
“These are the first stages of Elliot Springs’ first neighbourhood centre that will include a supermarket plus supporting specialty stores and services.”
tony.raggatt@news.com.au
HAMMER ATHLETIC FINDS HOME IN FLINDERS ST
PERSONAL trainer Matt Ham has bought into the property market in Townsville at a good time to establish a site for he and his wife Kristine’s boutique gym Hammer Athletic.
They acquired an old office building in Flinders St west opposite the Central cinemas earlier this year just as the market was gathering steam.
Ray White Commercial agent Peter McCann said it was the kind of property which was hard to find now and which would likely fetch a higher price if it were back on the market.
“There’s not a lot of good quality stock left and not a lot of (lower priced) property to suit owner-occupiers. Anything under $1 million has been snapped up in the last six months,” Mr McCann said.
The Hams bought the 650 sqm site with two-level 170 sqm office building for $525,000.
They have invested more into the property to refurbish it for their purposes and plan additional improvements to provide a covered exercise area behind the building.
Mr Ham said he had thought to lease but with his family had decided to buy. The property was in a good position near the new stadium and close to the city centre.
“It was the bottom of the market and there was a lot of commercial property available. This is almost an investment for down the track,” Mr Ham said.
Matt and Kristine have operated Hammer Athletic for about seven years, trading in Brisbane before relocating back to Townsville to be closer to their families.
Matt is originally from Ayr and played professional football with A-league teams Gold Coast United, Brisbane Roar and North Queensland Fury before focusing on his personal training.
He is head strength and conditioning coach for the Mendi Blackhawks.
Kristine has a Masters in Business Administration and manages the gym’s back of office needs.
Mr Ham said he provided “no-nonsense” strength and conditioning with an emphasis on training with a purpose. “It’s a gym with forethought about what happens tomorrow,” Mr Ham said.
NIGHTOWL EYES MORE SITES
The growth of convenience shopping is gathering pace with NightOwl forecasting another 25 openings in Queensland and northern NSW over the next five years.
It comes as other players have opened or are planning new sites in North Queensland.
NightOwl opened a new store and fuel outlet in Hervey Range Road, Thuringowa Central, last month and a store at an existing service station in Belgian Gardens earlier this year.
NightOwl spokeswoman Glenys Tristram says business is expanding with about 20 stores opened in the past five years and considering plans to open more sites.
She says people are looking for convenience and that Covid-19 has prompted more shopping in local stores rather than big shopping centres.
“NightOwl is looking to open around 25 stores across Queensland and Northern NSW
within the next 5 years,” Ms Tristram said.
“Regional towns that are growing and are ready for something more than the run down servo on the corner that shuts at 6pm is the simple context that is part of the successful growth of NightOwl.”
The Belgian Gardens site has been upgraded with new electronic pumps and there are plans to redevelop the site further.
The Thuringowa Central outlet is one of the group’s largest sites providing a modern service station with 32 hoses and convenience store.
She said the site was chosen because of its position with a strong exposure to the western corridor and a growing suburban area with regional commuters.
The first NightOwl opened in Brisbane in 1975.
The brand was first developed as a franchise in 1987 and then floated on the stock exchange in 1995 before it was bought by Retail Services Ltd in 1996.
The brand returned to private ownership in 2007 when it was acquired by Cairns businesspeople Adam and Katrina Adams.
For more information on franchising, go to: https://franchising.nightowl.com.au/
Originally published as Hurst Constructions acquires office warehouse in Aitkenvale
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