Property developers Chris Morris and Errol Stewart have joined forces to secure the South Yards Precinct site in Townsville in a $18.15million deal.

The 17ha site on the CBD fringe is earmarked for a community precinct, with zoning in place for a mixed-use development featuring commercial uses including convenience shops and specialty retailing, small scale office uses, professional services, and residential uses.

Colliers Townsville managing director Peter Wheeler said this was a reminder that Townsville was very much on the map.

“Investors can see that exciting things are happening in North Queensland and they have confidence in the future of our region,” he said.

The property was purchased through a joint venture between Morris Group, owners of The Ville Resort-Casino, and Launceston developer Errol Stewart.

This is an additional major investment in the region from Morris Group, who recently broke ground on the development of a five-star, $80 million hotel complex at the Breakwater precinct immediately adjoining The Ville Resort Casino.

“We look forward to working with the Townsville community and further expand on the City’s tourism and hospitality facilities,” Mr Morris said.

Co-agents Colliers Townsville and Burgess Rawson successfully sold the property on behalf of Honeycombes Property Group.

Honeycombes had acquired the site in late 2017 with the intention of a master planned development, however their current development interests in South-east Queensland led them to market the site to realise their capital for injection into those projects.