December 16, 2022 – 12:00AM Townsville Bulletin
An exclusive $13m land release overlooking Cape Pallarenda and Cleveland Bay has set price records for vacant residential lots in Townsville.
Magnetic Views Estate is a gated community developed on the hillside adjoining the Cape
Pallarenda Conservation Park with fabulous views out to the islands and south to Townsville
and Castle Hill.
Only five lots remain for sale after buyers snapped up eight lots in a record-breaking run of
sales totalling $7.45m.
Residential lots within the development, which is being undertaken by Centurion Global, are
priced from $850,000 to $1.1m.
So far sales have averaged $930,000 per lot.
“Buyers have been quick to appreciate the exclusiveness of the location and the rare land
offering, with all sales achieved so far achieving records for Townsville,” said Mark Tonge,
the founding Director of Centurion Global.
Mark Tonge, Centurion Global Developments and Giovanni Spinella, Director and Sales Agent for Explore Property, with the view from Magnetic View Estate, at Pallarenda. Picture: Shae Beplate.
“All of the buyers have been local which is a key indicator of the combined value they see in
the location, the lot sizes and the exclusivity that Magnetic Views Estate offers.
“We have yet to undertake an official marketing campaign, so the sales result has been
exceptional. Land like this has become increasingly scarce, especially sites within easy
reach of a range of urban amenities in the heart of Townsville.”
Explore Property director and sales agent Giovanni Spinella said it was a unique development and probably the last of its kind in that area.
Mr Spinella said he was very proud of the fact that the buyers so far were local people
“If you think about the lifestyle it offers in the middle of a conservation park and so close to a CBD centre, it’s a very unique spot,” Mr Spinella said.
He said the estate’s roads and walkways had been developed and its 13 lots connected to services including water, sewerage and NBN connections.
The landmark residential project is the first undertaken in Townsville by Centurion Global
which has an extensive portfolio of developments in South East Queensland.
Townsville has become a key focus for Centurion Global with Magnetic Views part of a
$71.8m portfolio either under way or in the pipeline for the city.
This includes the 54-lot Limestone Estate in Condon, which has moved to stage two and three construction, and Castle Hill Estate, another premium 33-lot gated land release.
Centurion Global recently secured a site with development approval for 53 apartments near Ross River with construction set to start in 2023.
Originally published as Magnetic Views Estate achieves record sales totalling $7.45m