Honeycombes' Central to inject $1B into North Queensland

A massive urban renewal project driving the revitalisation of the Townsville CBD will pour more than $1 billion and thousands of jobs into North Queensland’s economy, a new report reveals.

The Economic Activity Assessment of the Central Development August 2012, prepared by

AECgroup, concludes that the

$450 million mixed-use project will pump in excess of $1 billion in economic benefits and more than 4,000 jobs into North Queensland during construction and beyond completion.

Leading Queensland developer

Honeycombes Property Group is behind the project which is transforming the city’s old Flinders Street West railyards into a vibrant urban village where people can live, work and play.

On completion, expected in 2019, Central will have more than 700 apartments and 21,000sqm of retail, restaurant/café and commercial floor space across a 3.5 hectare site.

Honeycombes managing director Peter Honeycombe said the company was delighted that its flagship project was injecting a significant level of prosperity into the local economy while playing a lead role in the reshaping of Townsville’s heart.

AECgroup’s report reveals that Central’s construction phase, which began in 2007 and involves 18 projects, will create almost 2500 full-time jobs and be worth more than $750 million to the economy by the time the project wraps up.

It notes that Central has provided a major shot in the arm for the region’s construction industry which was significantly impacted in the aftermath of the Global Financial Crisis.

“The construction phase of the Central development has, and will continue to, provide a significant anchor to North Queensland’s construction industry,” the report states.

Townsville Enterprise CEO, Mr David Kippin said Central was one of the most influential and significant projects for the city as it worked to revive the CBD precinct.

“Townsville is at the heart of Australia’s fastest growing economic region and a project the calibre of Central ensures we have a CBD that reflects our status as a progressive, mature and modern city,” he said.

Following its completion, Central is expected to be home to about 1400 residents and provide direct employment for more than 700 full-time workers.

Townsville City CBD Taskforce Chairman, Mr Craig Stack said Central had a key role in the council’s goal of accommodating 30,000 residents and workers in the CBD by 2030.

“Central is a key player in the major shift taking place in the CBD,” he said.

“It exemplifies the qualities of TCC’s vision for the heart of Townsville; a substantial, engaging and inviting precinct where a significant number of people can live, find employment and enjoy their leisure time.

“Clearly Central will bring with it a permanent rise in CBD expenditure and activity thanks to its mix of residential and commercial components.