REAL O TITAN’S BIG DEAL
Brother Greg unveils 137-lot community project
GOLD Coast real estate identity Greg Bell has taken his first plunge into the development game. The Ray White Surfers Paradise co-owner for 30 years has unveiled a 137-lot masterplanned community at Ipswich worth tens of millions. Mr Bell has also revealed he and partners are refinancing to take advantage of low interest rates.
LEADING Gold Coast property figure Greg Bell is making his development debut with a 137-lot community estimated to be worth tens of millions.
Mr Bell is aiming to capitalise on soaring demand from first-home buyers with the project near Ipswich called The Plateau, it can be revealed.
It is a 137-lot masterplanned community less than 7km from Ipswich CBD in Flinders View.
It is his first foray into the development game after more than 30 years as co-owner of Ray White Surfers Paradise, where he heads the commercial division. Brother Andrew runs the residential side.
A statement says Greg is undertaking the project as a “primary stakeholder” with other key private figures in Queensland’s property industry – Greg said he and his partners were taking advantage of record low interest rates to “refinance the project”. The refinancing is due to be finalised by Friday.
The project is independent of RWSP as well as Greg’s brother Andrew and is expected to be completed next year.
“The Plateau is strategically located within a high-growth suburb that has great connectivity to major employment centres and is primed for firsthome buyers looking to take advantage of the current government incentives,” Greg said.
“This makes the destination very attractive for owner-occupiers who will be able to take advantage of a range of emerging job opportunities in the area – something people are particularly seeking in the current COVID-19 climate.”
The Plateau is being developed in three stages with lots from 320sqm to 978sqm and prices starting from $175,000.
Greg said it had been met with strong demand from firsthome buyers capitalising on state and federal incentives, including the $15,000 Queensland Government grant.
“Some of the main benefits of purchasing within this community is the affordable cost of land, the robust rental demand and strong potential for high capital growth,” Greg said.
Greg and Andrew said they were disappointed by industry rumours about the refinancing.
“Some opportunists were looking to use the refinancing as a way to discredit the RWSP name, however the project has been undertaken independently by Greg and has no linkage to Ray White Surfers Paradise Group,” Andrew said.
An impassioned Andrew hit back at critics via a YouTube video to staff earlier this month, describing the long-running RWSP as “rock solid” and rumour spreaders as “scumbags”.
Andrew said it was the third time the agency had been a target of a smear campaign. The Bells took over RWSP in 1989 from Max Christmas. It is the Coast’s largest, has one of south east Queensland’s biggest rent rolls worth tens of millions and manages thousands of titles.