GEON is spearheading North Queensland’s first build-to-rent development planned for a site in Townsville.
Vacancy rates of 1 per cent led the Brisbane-based developer to lean into the asset class on its Fairfield & Co site at 1 D’Arcy Drive at Idalia, about 6km south of the CBD.
Plans have been filed for two Cox Architecture-designed towers comprising 294 apartments and 652sq m of retail, commercial and community spaces, which would be co-located with the retail centre.
The project would be developed by GEON and operated by its subsidiary GEON Living.
GEON Living chief executive Dan Moore said it was the developer’s first build-to-rent project, and the first of its kind in Townsville.
“It represents the next step in our journey to provide modern, sustainable rental communities that reflect the changing needs of today’s residents,” Moore said.
“Fairfield & Co is an established retail, entertainment and lifestyle destination in North Queensland, and our build-to-rent project will take the precinct to the next level.”
Moore said the development application was filed with the city this month.
Townsville has experienced strong regional growth and its rental vacancy rate dipped below 1 per cent last year. The average weekly rent for an apartment is $536.
The developer will be looking to capture the upside of low rental vacancies and a young demographic—the area has a median age of 35.
“This development aligns with our vision of creating a truly integrated mixed-use development comprising a mix of residential and non-residential uses that benefit both the residents and the broader community,” Moore said.
