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Consolidated Properties Has New Partners in Townsville Project

Consolidated Properties considered the exit of gaming giant Tabcorp as the time for bringing Mirvac and Brisbane-based City Pacific Limited into an exciting $1 billion apartment and international cruise ship terminal project in Townsville.

The project is expected to cover an estimated 1000 waterfront apartments in around 17 buildings, the tallest of which would be a 15-level tower.

Tabcorp-owned Jupiters Casino is situated near the project site.

Tabcorp had been a joint partner with Consolidated Properties in the planned Breakwater Quays development. However, Tabcorp has sold its interests, the most recent of which was completed just a few weeks ago.

The sale proved to be an opportunity for Consolidated to build a new joint venture with Mirvac and City Pacific for a much-anticipated overhaul of Townsville's Breakwater area.

The said project gives Consolidated rights to 550 apartments and 26 waterfront housing lots.

Meanwhile, City Pacific gets development rights to the 35ha cruise ship terminal.

As of presstime, Consolidated has not yet disclosed the price of the land area for the ship terminal.

Consolidated's new owner, Trinity, is set to receive management and royalty fees from the development vehicle, the amount of which will remain confidential for now.

Consolidated's managing director Don O'Rorke told the media that their partnerships with Mirvac and City Pacific has a good and effective balance when it comes to development distribution.