News

Buyers snap up $41m at Empire

Andrew Beaumont checks out the view from the roof of the Sullivan Nicholaides building where work on the new Empire development will commence later in the year.
Andrew Beaumont checks out the view from the roof of the Sullivan Nicholaides building where work on the new Empire development will commence later in the year. Chris Ison Rokcempire

BUYERS have snapped up more than $41 million worth of investment and residential apartments in Rockhampton's Empire development.

In a massive vote of confidence for the $50m Victoria Parade project, developer Andrew Beaumont said 92 of 138 apartments had been bought off the plan.

"The great thing is of that $41 million, there's probably only three out of town (as in southern or interstate) buyers," he said.

"All the others are buyers we've either dealt with before on previous projects, or they've told somebody, or the people are locals, so it's a really good story for the region.

"It just goes to show, with all the negativity around, just how positive the region is."

Mr Beaumont said that like The Edge (his previous development, with Brian Griffin), Empire would mix residential and hotel accommodation, with the chance to expand on a winning formula that has seen an average occupancy rate for The Edge of 90%.

"Empire's a great site as it has three streets of frontage, so it really lets us do some things we haven't been able to do in the past," he said.

Features include eight penthouses and sub-penthouses priced up to $1.4 million - seven of which are already sold - a dedicated drop-off on East St and a 65-metre riverfront stretch featuring up to four restaurants.

There's already been interest from dining franchises down south, with a determination to get the mix right.

"The thing they love about it is because it's got the hotel above they've immediately got a captive audience, just like The Edge," Mr Beaumont said.

"A big percentage of The Edge restaurant's trade is from the hotel, so you're not just relying on the same people coming, you're getting a different market all the time. That's what they really like."

Mr Beaumont and Empire partner Wayne Riddell have sold management rights to Grant Cassidy, of Cassidy Hospitality Group, for more than $2m.

He also holds the rights to The Edge.

They will announce the builder at the end of the month with construction expected to start in December for completion in 2014.

The development is Queensland's largest residential project going to construction outside Brisbane.

Mr Beaumont said there were several exciting messages.

"I think the big one is it's such a big project outside that traditional south-east corner, and it's actually getting a start, whereas a lot of them aren't," he said.

The Edge and Empire also extended accommodation options for markets such as corporate and conference.

"There's nothing against hotels and motels, because there's always a demand for strip motels, but a lot of people who come to town didn't really have the choice, whereas now they have the choice," he said.

"And they leave with maybe a different perspective of Rockhampton when they can sit along the riverbank, have a unit overlooking the river and a restaurant downstairs."

 

On the horizon

Quest Apartments Rockhampton in Victoria Parade

Great Keppel Island revitalisation

Topics:  empire development, property, real estate




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

GALLERY: Rocky, what's your beef?

Edwin Christensen and Fabrizio Piasco from Tall Poppy Catering at the Wholly Cow What's Your Beef event. Photo Michelle Gately / Morning Bulletin

Hundreds of people get a taste for the region's beef at Wholly Cow

Rocky region demands a Fair Go for health services

Smoking, drinking, bad diets are killing us faster than in Brisbane

Rocky firies are taking up the call in Cambodia

Leading Firefighters for Aviation Rescue firefighting Rockhampton Jean Hancock and Brad Byrnes Photo Trinette Stevens / Morning Bulletin

Brad and Jean will build houses for those in need

Latest deals and offers

Berserker siege

Siege situation at Berserker. Photo Allan Reinikka / The Morning Bulletin

Berserker siege

The 75 Baralaba Families Action Committee spokesperson Conrad Russo

The 75 Baralaba Families Action Committee spokesperson Conrad Russo

The 75 Baralaba Families Action Committee spokesperson Conrad Russo talks about the...

Man barricaded in house in Berserker

A man has barricaded himself in a house in Berserker and has threatened to burn...

Real estate agent says new developments push area forward

ON THE UPSIDE: Shae O’Reilly says the Capricorn Coast and the wider region has plenty of projects going on while we wait for an outcome on Great Keppel Island.

"sentiment can’t hang its hat on one setback for one project"

Real estate reveals Rocky's rising suburbs

Pat O'Driscoll Real Estate sales consultant Talitha Dodson Photo: Contributed

Talitha Dodson says it’s not all doom and gloom

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.