MEDIA RELEASE

The Strand emerges as next millionaire's row

THE STRAND is shaping up as Townsville's next millionaire's row, if recent apartment sales are anything to go by.

At least 19 apartments have sold for more than a million dollars along the beachfront strip and its neighbouring streets since 2004.

And real estate experts say that dozens more seven-figure sales are set to follow, as developers move forward with construction on luxury projects at the Breakwater. The Strand has had 12 settled apartment sales of over $1 million, while neighbouring Mitchell Street has recorded seven.

More million dollar-plus sales are expected to settle when developers Mirvac and Resort Corp complete luxury apartment projects at the Breakwater.

The highest price paid for an apartment in North Ward was $1.6 million, at Lancini Group's Number 98 development on Mitchell Street. The development overlooks Strand Park.

Lancini Group general manager Chris Sherwood said the limited supply of beachfront apartments had led to an increase in top-end real estate prices.

"In our last two projects fronting The Strand we have sold six apartments for more than a million dollars, which says a lot about the growing maturity of the area," Mr Sherwood said.

"Those big sales will help to drive stronger capital growth for other apartments in the area."

Mr Sherwood said most buyers were targeting The Strand for permanent residency.

"We have never had one buyer on-sell their apartment after purchasing it off-the-plan at either of our Strand-fronting projects," he said.

"To us, that says the location and lifestyle is world-class."

He said the group had just four apartments left at Number 98, priced from $750,000. The Townsville Bulletin reported in September that 20 apartments at Resort Corp's Saltwater development, and 97 apartments at Mirvac's Mariner's Peninsula Stanton Tower, had sold unconditionally at the Breakwater.

However, the sales won't register in official sales data until the apartments are completed. More waterfront apartments and penthouses were set to be released soon, according to both developers.

Knight Frank project marketing manager Blair Shillington said The Strand was attracting different buyers to other nearby precincts.

Mr Shillington said the inner-city and Palmer Street were proving popular amongst young professionals and investors.

"The waterfront has been a proven driver of capital growth across the country," Mr Shillington said.

"People buy close to The Strand for both lifestyle and financial investment purposes.

"The Strand also attracts plenty of regional North Queensland buyers, who want a holiday home for now and a place to retire down the track."

For further information contact Shane Russell
on 0408 010 932 or shane@barepublicity.com.au