Top river housing site sells for $ 7m
ANOTHER master planned community is set for Bohle Plains, with Maidment Development Group acquiring one of the last remaining approved sites for around $ 7 million.
The off- market deal, which has just settled, involves about 140ha of bushland fronting the Bohle River opposite Willows Golf Club and adds weight to hopes a recovery is under way.
Principal Glen Maidment said the firm intended to deliver another premium residential masterplanned community on what was an excellent site close to amenities and services.
“It has some approvals but we intend on working through that process with the Townsville City Council to obtain further approvals and ultimately develop a premium masterplanned residential community,” Mr Maidment said.
“We will have three active land developments in the Townsville marketplace.
“We would like to be in a position to provide land from 300 sqm to 3000 sqm.”
Maidment is developing Sanctum and the big block residential community of Eden Park in the Northern Beaches and plans its next community to provide conventional- sized blocks aimed at the premium end of the market, capitalising on the Bohle River frontage.
Mr Maidment said Stage 4 of the Townsville Ring Road project, now under construction, was providing good connectivity for the CBD, Thuringowa Central and the Northern Beaches, helping to make development more attractive.
He said there were always buyers for premium product.
“My personal view of the Townsville market is quite positive,” Mr Maidment said.
“We are finding our land purchasers are a little more opportunistic than in the past.”
Colliers managing director Peter Wheeler said the property was one of the only undeveloped residential subdivision sites with approvals in place remaining within the city’s urban growth boundaries.
“It was a tightly held holding,” he said. “I understand there has been interest from quite a few developers who have attempted to buy the site over a number of years.”
He said the property was minutes from the Thuringowa business district including one of the region’s largest shopping centres in Willows and the entertainment precincts of Cannon Park and Riverway.
The site, which has access from Hervey Range Road, has approvals for about 350 lots.