A plot for small lots

Townsville Bulletin - - FRONT PAGE - TONY RAGGATT busi­ness editor Tony Raggatt 4722 4439 tony. re­porter Char­lie Peel 4722 4502 char­lie. peel@ news. com. au

THE ac­qui­si­tion of the 140ha Harris Cross­ing prop­erty on the Bohle Plains was a “strate­gic pur­chase” in a mar­ket where residential land was tightly held, devel­oper Glen Maid­ment said yesterday.

Mr Maid­ment, prin­ci­pal of the Maid­ment De­vel­op­ment Group, con­firmed it would seek to sig­nif­i­cantly in­crease the num­ber of lots from its cur­rent ap­provals of about 350.

Even so, Mr Maid­ment said the group would pro­vide tra- di­tional larger- sized lots to cap­i­talise on peo­ple in the sur­round­ing ar­eas look­ing to build new homes on big sites.

“It’s a strate­gic pur­chase for us,” Mr Maid­ment said.

“Find­ing a site of this mag­ni­tude, this close to ser­vices and some­thing that is al­ready zoned and a ( de­vel­op­ment ap­pli­ca­tion) in place for a residential com­mu­nity is, in my opin­ion, as rare as it gets.”

The prop­erty, be­tween Ka­lynda Chase and the Bohle River at Her­vey Range Rd, sold for about $ 7 mil­lion in an off- mar­ket trans­ac­tion ne­go­ti­ated by Col­liers In­ter­na­tional.

With smaller lot sizes, de­vel­op­ers have been gain­ing up to 14 blocks per hectare where once 10 to the hectare was the rule of thumb.

Opteon Prop­erty Group val­uer and se­nior pro­ject man­ager Jen­nifer- lee Sin­clair said it was good to see some en­globo land sites chang­ing hands and de­vel­op­ers gear­ing up for the next stage in Townsville’s prop­erty cy­cle.

“In flat prop­erty mar­kets it may seem like there is very lit- tle ac­tiv­ity in the prop­erty de­vel­op­ment sec­tor, and on the ground that can be the case,” Ms Sin­clair said.

“How­ever many peo­ple are un­aware that there is in fact gen­er­ally a lot go­ing on be­hind the scenes.

“Tra­di­tion­ally, the bot­tom of the prop­erty cy­cle is the time many de­vel­op­ers are busy ac­quir­ing new land hold­ings and se­cur­ing the rel­e­vant de­vel­op­ment ap­provals and in­fra­struc­ture agree­ments with lo­cal and state agen­cies, while wait­ing for the next up- turn in the prop­erty mar­ket.” Ms Sin­clair said the con­struc­tion of Stage 4 of the Ring Road, now un­der way, would prompt a va­ri­ety of new de­vel­op­ments in ad­ja­cent land hold­ings and the north­ern beaches of Townsville.

Sun­land last year mar­keted about 80 reg­is­tered lots and about 140ha of land, with the po­ten­tial for a fur­ther 880 lots at Bush­land Beach, while in re­cent years the State Gov­ern­ment has sold sev­eral small residential sites in the Up­per Ross and at Mount Louisa.

LAND AHOY: The Bohle Plains prop­erty which is the site for Maid­ment De­vel­op­ment Group’s next ma­jor hous­ing pro­ject.

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