Tide starting to turn on boomer high rise tower developers
LOS ANGELES: The tide may be starting to turn on regional boomer high rise apartment tower developers.
North Queensland’s challenging construction environment has claimed another casualty with the Maidment Group’s $65m luxury apartment tower put on ice for the foreseeable future.
Announced in 2024, the 10-storey Marina Residences tower project was to be built at the end Mariner’s Peninsula, opposite Ardo Townsville, featuring 15 spacious three-bedroom apartments and three Sky Homes.
Its 495 sqm penthouse had been expected to shatter the city’s apartment price record of $3.4m, with buyers secured for the majority of its apartments.
Construction commenced in August 2025 with the installation of concrete piling, and despite estimations of project completion by late 2026, works have not proceeded any further.
With reports circulating of buyers receiving their deposits back, Townsville-based Maidment Group general manager Nick Ryle has provided an update on the future of Marina Residences tower.
“The project is currently on hold, with no defined pathway to construction at this time. The availability of suitable builders and further cost escalation has resulted in this undesirable situation,” Mr Ryle said.
“Given this position, we believe it is important to provide all purchasers within the project the opportunity to reassess their purchasing position and Maidment is currently working with purchasers to facilitate this.
“As such, we are offering purchasers the option to proceed with a mutual termination of their contract, with a full refund of deposits paid.”
While this was not the outcome originally anticipated for this site, he said this was the most appropriate and transparent approach for all parties, given the circumstances.
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North Queensland’s challenging construction environment has claimed another casualty with the Maidment Group’s $65m luxury apartment tower put on ice for the foreseeable future.
Announced in 2024, the 10-storey Marina Residences tower project was to be built at the end Mariner’s Peninsula, opposite Ardo Townsville, featuring 15 spacious three-bedroom apartments and three Sky Homes.
Its 495 sqm penthouse had been expected to shatter the city’s apartment price record of $3.4m, with buyers secured for the majority of its apartments.
Construction commenced in August 2025 with the installation of concrete piling, and despite estimations of project completion by late 2026, works have not proceeded any further.
With reports circulating of buyers receiving their deposits back, Townsville-based Maidment Group general manager Nick Ryle has provided an update on the future of Marina Residences tower.
“The project is currently on hold, with no defined pathway to construction at this time. The availability of suitable builders and further cost escalation has resulted in this undesirable situation,” Mr Ryle said.
“Given this position, we believe it is important to provide all purchasers within the project the opportunity to reassess their purchasing position and Maidment is currently working with purchasers to facilitate this.
“As such, we are offering purchasers the option to proceed with a mutual termination of their contract, with a full refund of deposits paid.”
While this was not the outcome originally anticipated for this site, he said this was the most appropriate and transparent approach for all parties, given the circumstances.
“Maidment Group supports residential apartment development in the Townsville City area and will continue working on opportunities that allow this product to be successful in the marketplace,” he said.
During the Townsville Bulletin’s Level Up Our CBD campaign last December, Maidment Group managing director Glen Maidment threw his support behind Townsville mayor Nick Dametto’s vision of boosting the CBD’s residential density to “critical mass” by building 2500 more apartments.
For more developers to bring more high density projects to the CBD, he said there was a need to address the feasibility gap, provide planning certainty, infrastructure support and cost-relief measures that collectively shifted projects from “concept” to deliverable.
“There is a real shortage of builders in Townsville prepared to construct vertical apartments which often leads to higher costs and kills project feasibility,” he said.
A Townsville City Council spokesman said the council approved the original Development Application in September 2018 and subsequently approved a change application in July 2023.
“Council also approved a waiver of fees and charges under the City Activation and Jobs Growth Policy of up to $500,000 to support new housing construction,” he said.
Mayor Dametto said the council’s role is to work with developers and industry to facilitate projects for them to deliver on the ground.
“We’re doing everything we can to attract investment to our city by reducing red tape and making it easier to do business with Townsville City Council,” Mr Dametto said.
“Revitalisation won’t happen overnight, the reality is we’re working in a global environment where the cost of doing business has gone up for everyone – from builders and developers to councils, property investors and families paying their bills.”