BEACHFRONT SITE PITCH TO CASHED- UP INVESTORS
A PRIZED beachfront development site at Horseshoe Bay, Magnetic Island, has no takers yet but it is expected to appeal to cashed- up investors, particularly in Asia, looking for tourism opportunities in North Queensland.
The 2.45ha site is being marketed by Graeme Russell, of Ray White Commercial Townsville, and Alex Strens, of Best of Magnetic.
Mr Russell said Ray White had been targeting the Asian market and using its China desk in Sydney.
“It’s an interesting site. A lot of people have been looking at the property via websites, but in terms of inquiries it has been quiet,” he said.
The property is located on an unformed section of the main waterfront road system with vehicle access via Swensen and Gofford streets from Horseshoe Bay Rd.
It is near Horseshoe Bay’s tourist strip shopping centre, bars, restaurants and water sports facilities.
The property has a 230m frontage with pedestrian access to the beach.
The site has development approval for a 56- unit resort or apartment complex and could also suit an exclusive private residence or gated housing estate. It is mostly surrounded by bushland. Mr Russell said the land was zoned rural. “I suspect that at some time in the past it would have been a pineapple farm,” he said.
ASIAN TARGET: An aerial view of the beachfront development site at Horseshoe Bay.