This article is from the Australian Property Journal archive
Queensland-based developer Consolidated Properties has entered into two joint ventures to streamline construction of the planned $1 billion Breakwater Quays leisure precinct project in Townsville.
Consolidated Properties and its partners have negotiated with a joint venture group involving national property group Mirvac and the diversified financial services group City Pacific Limited to develop the precinct cooperatively over a number of stages.
Consolidated Properties is a wholly owned subsidiary of ASX listed Trinity.
When completed, Breakwater Quays will comprise 1000 apartments in buildings of various heights ranging from three to six floors overlooked by an iconic 15 level tower, prestigious waterfront homes, new marina berths and associated ground floor retail and restaurant space.
Consolidated Properties and its partners will oversee the development of the land surrounding the Jupiters Townsville Casino to include 26 waterfront lots and seven low-to-medium rise buildings totalling approximately 550 apartments.
In line with the terms of the recent scrip for scrip merger with Trinity, Consolidated Properties will receive management and royalty fees from the development vehicle.
City Pacific has purchased a large parcel of land adjacent to Jupiters Townsville Casino which includes the marina, marina leases, and the right to deliver the Townsville international cruise ship terminal precinct.
Mirvac has taken a 50% stake in a City Pacific subsidiary which holds the existing land.
Mirvac has planned a $200 million residential development on the 3.2 hectare parcel of land known as Mariner’s Peninsula with a 720 metre ocean frontage including frontage onto Breakwater Marina, Cleveland Bay and the sandy beachfront of the Townsville Strand. Mirvac will hold development rights over the parcel and interests in the existing 240 berth marina.
The development of the international cruise ship terminal precinct involves the reclamation of approximately 35 hectares of land on which City Pacific can develop 10 hectares of waterways and marinas, 240 waterfront lots, 275 apartments and an international cruise ship terminal.
Consolidated Properties managing director Don O’Rorke said the deal would spread the development of Breakwater Quays efficiently among three of Australia’s premier property entities.
Tabcorp has sold its interest in Breakwater Quays to the Consolidated Properties managed development entity in a $20 million deal which settled late last week.
By Kathryn O’Meara
