The site is now earmarked for development schemes with a gross realisation of over $500 million.
The acquisition by expression of interest comprises total land area of 4.607 hectares and five individual sites within measuring 3,639 sq m; 4,657 sq m; 5,769 sq m; 6,242 sq m; and 8,964 sq m respectively.
The site, known as Breakwater Quays, is located at the end of Sir Leslie Thiess Drive in the Breakwater Precinct adjoining the casino.
The site has been purchased from TBWC Development Pty Ltd, a company managed by Consolidated Properties, a wholly owned development subsidiary of listed property group Trinity.
PRDnationwide Townsville’s director Bruce Goddard and Darrell Irwin on behalf of Colliers International PRDnationwide Gold Coast marketed the precinct.
Resort Corp Joint Managing Director, Mr Peter Madrers said that the purchase was the next step in the company’s rollout of premium development projects on iconic Australian coastal sites.
“This location has been on our radar for two years, so we’re delighted to finally secure it.
“It is without any doubt the best and most prestigious development site on the Townsville waterfront.
“We believe it’s the perfect vehicle to deliver our full range of luxury apartment, Aman-style resort and cutting edge retail and commercial products.
“This is a flawless location at which to also create a new retail, restaurant and marine hub, which will become unrivalled on the east coast of Australia.
“We whole-heartedly believe in the future of Townsville and North Queensland and we’re committed to bringing the best we have to the site.
“Resort Corp will now work closely with the Townsville community and local consultants to make certain the project is one that the city will be proud of.
Consolidated Properties managing director Don O’Rorke said the holding had attracted expressions of interest from several major Queensland and national property development groups.
“The entire campaign has been testament to the confidence that major developers now have in the future of Townsville, and their willingness to commit to very significant, long-term investment in the city,” Mr O’Rorke said.
“One of the key reasons for Resort Corp’s success in securing this site is our previous experience with the company at Casuarina Beach, our development in northern NSW, where Resort Corp is developing the five-star Santai resort.
“At Casuarina and elsewhere the company has built a very strong reputation for delivering projects of the highest design and construction quality, and that are an asset to their surroundings.
“We think it’s great to have this developer on board, not only for Breakwater but for Townsville as a whole.”
Townsville Mayor Cr Tony Mooney said the sale was a huge vote of confidence in Townsville and its economic potential.
“The Council has been a strong supporter of high quality development in this vital precinct.
“Resort Corp has a solid reputation and we’ll be working with them to ensure the end product at Breakwater matches the potential of the site.
“This site is the front door to Townsville and is an extension of our magnificent Strand.
“This is an exciting opportunity to achieve something very special,” Mr Mooney said.
PRDnationwide Townsville’s director Bruce Goddard said that the marketing campaign attracted not only strong developer interest for the site, but also huge interest nationally and locally from individuals very keen to live at Breakwater Quays.
“We believe this level of demand will encourage Resort Corp to plan and release high quality developments with confidence that they will be a success.”
Resort Corp is currently completing or undertaking a $1.35 billion development portfolio on the northern NSW and Queensland coasts.
Its New Tweed Coast stable includes The Beach resort at Cabarita Beach; Santai and The Beach Shacks at Casuarina Beach; Nor Nor East and Sea on Marine Parade, Kingscliff; and Soraya Dreamtime Beach and Zen apartments on the exclusive Murphy’s Road at Kingscliff.
Resort Corp’s Queensland program also includes a $500 million master-planned community at Funnel Bay and a $125 million resort hotel at Airlie Beach, both on the Whitsunday Coast.