PRIMESITE
A plot for small lots
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.