Townsville’s first build-to-rent development, the $125-million Fairfield & Co, has been approved.
South-east Queensland developer GEON filed plans for two 12-storey residential towers of almost 300 apartments in September last year and received the green light this month.
The project will include ground-floor retail and commercial space, and 252 carparks as well as accommodation for up to 700 residents.
GEON executive director Ben Griffin said the approval would trigger a detailed design phase and that construction was slated to start in 2026.
“This is a major step forward, not just for GEON but for the broader Townsville community,” Griffin said.
“We’re delivering a long-term housing solution in direct response to the region’s urgent need for more rental accommodation, particularly for essential workers.”
Planners Infinitum Partners helped secure the approval—director Kate Isles said the project demonstrated a “deep understanding of the region’s long-term housing needs”.
Isles said the project would support the attraction and retention of essential workers.
The two north-facing towers would provide short and long-term rental accommodation, and two levels of podium parking. The towers will have a minimum finished floor height of 4.4m AHD to achieve flood immunity.
Newly elevated GEON chief executive Dan Moore said the project would create about 150 local construction jobs, as well as long-term employment opportunities in the operation of the build-to-rent asset.
“This is not only a first for Townsville, but for regional Queensland as the first build-to-rent outside south-east Queensland,” Moore said.
“It demonstrates significant confidence in the regional market and the long-term potential of cities like Townsville.”
The Fairfield & Co precinct has evolved from a large-format retail centre into a mix of lifestyle, wellness, fitness and food tenants.
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.
