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Strong demand for luxury residential project in tropical north Queensland has led Townsville developer Glen Maidment to pull the trigger on a $65-million project.
Maidment Group has launched the waterfront apartments slated for the last remaining site at the end of Mariner’s Peninsula off The Strand in Townsville’s city centre.
The Marina Residences project would be the first waterfront apartments to be developed in almost a decade and comprises 18 luxury apartments designed by Bureau Proberts.
“We feel the time is right to deliver Marina Residences because there is such demand for luxury property in the region, but no product is available in the market,” Maidment Group founder Glen Maidment said.
He said seven sales already secured to pre-registered buyers before the project launch this month reflected the pent-up demand for luxury apartments in Townsville.
The 10-storey tower is proposed for a 1400sq m site near The Strand, and was previously owned by Mirvac.
The project includes a mix of 15 three-bedroom apartments and three so-called sky homes, including a penthouse that could prove a price record-breaker for apartments in the city, according to Maidment.
Prices for Marina Residences start at $2.7 million. The proposal also includes a gym, dining room, rooftop pool and sundeck with views to Magnetic Island.
Maidment said it was “undoubtedly one of the best projects we have presented to the market”.
Maidment said the project was targeting professionals and downsizers looking for “the ultimate address” on the waterfront.
“We believe the Townsville market is primed for residences of this calibre ... the economy is humming, and there is just no stock,” he said.
Hurst Constructions, a Townsville-based builder, has been tapped for the construction of Marina Residences, which is slated to begin early next year.
Last month south-east Queensland developer Geon unveiled plans to build Townsville’s first build-to-rent development.
Vacancy rates of 1 per cent led the Brisbane-based developer to lean into the asset class on its Fairfield & Co site at 1 D’Arcy Drive at Idalia, about 6km south of the CBD.
Plans have been filed for two Cox Architecture-designed towers comprising 294 apartments and 652sq m of retail, commercial and community spaces, which would be co-located with the retail centre.
Morris Group’s $88-million luxury hotel, Ardo, has also levelled up the city’s accommodation offering.
The resort development includes “world-class dining”, a day spa and a rooftop pool deck with views to Magnetic Island and the Coral Sea.
Morris Group founder Chris Morris said Ardo would put Townsville on the map as a luxury destination in North Queensland’s tourism industry.
