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No lid on Woolcock Street's potential, says Lancini

THE FULL potential of Townsville's Woolcock Street is yet to be realised, according to one of Queensland's largest private development groups.

Lancini Group general manager Chris Sherwood said that while the fast-growing industrial and commercial corridor was only in its infancy, it already rivalled some of the east coast's best precincts for their position, access and potential.

Mr Sherwood said the group believed so strongly in the corridor that it powered ahead with construction on its $10 million, 10-unit Woolcock Street Business Park despite a number of building cost increases and softening market conditions.

"Because of our confidence in Woolcock Street, we weren't prepared to let any factors stop us from finishing this development," said Mr Sherwood.

"We absorbed these cost increases and we couldn't be happier with our decision to go through with developing Woolcock Street Business Park.

"Even though the market has softened over the past 12 months, we have every confidence that Woolcock Street will continue to attract significant attention from investors, owneroccupiers and tenants."

Mr Sherwood said many corporate and consultancy groups linked to the north's construction and mining industries were choosing Woolcock Street over a once more-fancied inner-city position.

"It doesn't matter what industry you operate in, it's very hard to overlook the kind of

exposure and access that Woolcock Street offers," he said.

"The demographics of the area are evolving because a higher quality of development is attracting all kinds of industry groups that would once have only operated from the CBD." Completed last week, Woolcock Street Business Park, at 508-518 Woolcock Street, provides more than 4000sqm of warehouse, showroom and office space, with unit sizes ranging from 300sqm to 600sqm.

Mr Sherwood said the units could be leased from $150 per square metre net and bought from $2200 per square metre net.

The development, which includes 84 on-site car parks, was built by the group's whollyowned subsidiary, Lancini Constructions.

The first company to move in on site was long-established Townsville builder Darryl Bogotto Constructions, which snapped-up a prominent corner position.

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