To be known as The Point, the 15 storey tower will comprise 71 apartments, many with stunning views across Cleveland Bay to Magnetic Island and 15 exclusive house lots.

National, publicly listed integrated real estate group Mirvac says The Point will deliver a residential address that will be groundbreaking  in the North Queensland apartment market.

Mirvac Development Queensland CEO, Matthew Wallace, said The Point would become a Townsville icon.

"The architectural style and overall design of The Point and its prominent location will mean that it becomes instantly recognisable as Townsville's premier residential address," he said.

"The design of the apartments and the fitouts and finishes have been selected as appropriate and unique in the North Queensland marketplace and we believe The Point will attract buyers from near and far as a result."

Mirvac launched Mariner's Peninsula, on a prime waterfront site located just off The Strand, in 2007 and it met with evident success. "The release of the second stage at Mariner's Peninsula shows how confident Mirvac is in the stability and underlying strength of the Townsville economy,' said Mr Wallace.

The first stage, called The Stanton Apartments, was extremely well received by the market.

Four Foreshore Beach Houses, also released as part of the first stage, have also sold for prices well in excess of $2 million.

Mr Wallace said Mirvac spent a number of years refining its search for a prime development site in North Queensland before embarking on its first residential development in this part of the State.

"We wanted something that was absolutely prime and the three hectare site overlooking the Breakwater Marina, Cleveland Bay and The Strand ticked all the boxes for us," he said.

"The Stanton Apartments are now a reality with the majority purchased by owner-occupiers, proving that there was high demand for quality residences in an absolute waterfront location.

"The Point will be the last word for the Mariner's Peninsula quality story, and the final result will be befitting of its place making location..

"The views from many apartments will be absolutely stunning and the design of the  living spaces will more than do justice to the location and the views.  "They represent the very latest thinking in what makes for the ideal apartment living environment in Queensland."

In addition to the 71 apartments Mirvac will also be releasing 15 waterfront home sites valued at more than $1 million each.

The Point apartments will comprise two one-bedroom ground floor apartments, 19 two-bedroom apartments, 38 three-bedroom apartments and 12 premium apartments including pavilions, sub-penthouse and penthouse style apartments.

Apartments will start somewhere in the  low $400,000s up to  the mid to late $2 million mark for a level 15 penthouse.

Mr Wallace said the relatively small footprint on ground level meant that more gardens and open space could be provided for residents and owners and the general public.

"The Point has evolved after an extensive process of negotiation and consultation with all stakeholders, including the Townsville City Council, and we are very confident in its success," he said.

Townsville City Mayor, Councillor Les Tyrell, said, "The council wanted Mirvac to come up with a proposal that would create something special on what is one of the most spectacular locations in North Queensland.

"I'm delighted that Mirvac understood the importance of the site and the area's surrounding character and came up with a building design that will become a landmark in the city."

Mr Wallace said that Mirvac was proud of what had been designed. "Even in a subdued market there is always demand for real estate of this quality and we believe that there is limited supply of high quality residential apartments designed specifically for the end user market," he said.

Mirvac is a leading integrated real estate group, listed on the Australian Securities Exchange (ASX) with activities across the investment and development spectrum.  Established in 1972, Mirvac has more than 38 years of experience in the real estate industry and has an unmatched reputation for delivering quality products across all of its businesses.

Mirvac's Development division in Queensland is responsible for some of Australia's best residential projects including Cutters Landing at New Farm, Waterline at Bulimba, Mossvale on Manly and Ephraim Island on the Gold Coast.  Mirvac currently has approximately 23,500 lots under its control across Australia that will be progressively developed.

ENDS.

FOR FURTHER INFORMATION CONTACT PROMEDIA'S PAUL WILSON ON 07 5593 2011. M - 0438 761 785. E- paul@promedia.com.au