Apartment buyers flock to $450 million Central

SNAPPY apartment sales in the latest stage of Honeycombes Property Group’s $450 million Central in the Townsville CBD have led to the building’s completion coinciding with its sell-out.Paddington, the fourth residential instalment of Central, has realised almost $17 million for the sale of its 44 apartments to a mix of locals and out-of-town buyers.Its success has paved the way for Central’s next residential stage, the $17 million Piccadilly, comprising 42 apartments priced from $299,000.Honeycombes managing director Peter Honeycombe said the swift rate of sales in the nine-level Paddington reflected Central’s relevance to the Townsville market.“It demonstrates this is the type of product that people are looking for – centrally located and close to amenities but also affordable,” he said.“These qualities resonate with end-users and investors alike.”Most of Paddington’s modern and open-plan apartments sold prior to the building’s construction starting in February 2014.Priced from $305,000, the one, two and three-bedroom apartments included an allocated car parking space and a store room.With Paddington wrapped up, Honeycombes has switched its marketing focus to Piccadilly’s one and two-bedroom apartments.Construction of the Piccadilly is scheduled to start early this year.One-bedroom apartments in Piccadilly will start at $299,000 while the two-bedroom configurations are priced from $395,000.Central will ultimately comprise 12 apartment buildings with more than 700 apartments, 17,000sqm of commercial office space and a retail, dining and entertainment precinct including a newly opened Birch Carroll and Coyle cinema.Honeycombes so far has delivered $176 million in residential and commercial property in the burgeoning Central precinct.The group is a leading and long-established private developer that has delivered an array of mixed-use and staged urban renewal projects in key regional Queensland locations and in Brisbane.