Dive in or develop at Townsville beachfront apartments

An oceanside lifestyle or the chance to develop a prime piece of real estate has presented in Townsville.

The longstanding Townsville Seaside Apartments have been offered to market with a sub-$5 million price tag and the potential to build a new accommodation destination of up to five levels.

Positioned on renowned holiday strip The Strand, the twin-titled property also presents as a readymade business opportunity, with 15 two-bedroom and one studio holiday townhouses ready to rent out.

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Listed through Colliers International’s Angelo Castorina, the 2626sqm block at 105 The Strand has absolute beach frontage with views to Magnetic Island, an in-ground pool, undercover BBQ area and street frontages at both the front and rear.

It also c0mprises a four-bedroom owner’s/manager’s residence with a balcony fronting onto the beach.

The property’s listing outlines a number of potential opportunities, including creating a larger residential precinct or carve up the units for individual sale.

The property includes 16 townhouses.

“The property offers an opportunity for an owner operator to continue with running the existing holiday letting business or a creative developer to take advantage of the Medium Density (5-level) Residential zoning to redevelop the street-to-street site, or an astute investor to run the apartments as permanent lettings and/or possibly group-title the apartments individually for resale,” it says.

Offered as a going concern, the holiday units were repainted three years ago and come fully furnished with new TVs.

Townsville Seaside Apartments are offered for sale for $4.95 million, which is considered negotiable.