The ownership of two Townsville landmarks and substantial parcels of land will be transferred to the Townsville and Thuringowa City Councils under a major restructure of the twin cities’ bulk water assets.

Gleeson and Aplin Weir will be handed to Townsville City Council and land along Ross River and at the base of Ross River Dam, will be taken up by Thuringowa City Council.

The Board of NQ Water arrived at the decision in a deliberate move to concentrate on strategic assets, said Chairman Ian Hamilton.

"The weirs are now used as recreational facilities and the community expects that there will be amenities and infrastructure provided which are a drain on our resources.

"We are handing them back to Townsville City Council which is much better placed to manage them. This frees us up to concentrate on our core business which is supplying bulk water to the community."

"NQ Water is also transferring $7.64 million in compensation for future costs and liabilities associated with the weirs."

At the same time, more than 60 hectares of land would be transferred to Thuringowa, he said.

"There are 25 hectares of land on the river and 35 hectares at the base of Ross River Dam which are superfluous," Mr Hamilton said. "It is not required by NQ Water from a strategic point of view."

"Ross River is one of the region’s great natural assets. This is significant land for the community and will help progress the council’s ‘Riverway’ Project.

"There is a large emerging market for eco-tourism and for educational activities associated with such pristine locations. We are glad to be able to help Thuringowa City Council meet the potential of the river precinct."

NQ Water would retain ownership of Black Weir as an emergency water supply and responsibility for the management of aquatic weeds in all weirs, in order to reduce the threat of infestation of Ross River Dam, Mr Hamilton said.