Mel­bourne buyer lured by North’s low prices

Townsville Bulletin - - NEWS -

NORTH Queens­land’s af­ford­able land prices have en­ticed a Mel­bourne devel­oper to buy a large ru­ral hold­ing north of Townsville.

How­ever, Col­liers In­ter­na­tional as­so­ciate di­rec­tor An­gelo Cas­to­rina said it was the first case he could quote where high prices in the boom­ing cap­i­tals had clinched a deal here.

“At the end of the day, it was sold to a Chi­nese devel­oper out of Mel­bourne whose rea­son for buy­ing was that they can no longer af­ford prop­erty in the Mel­bourne mar­ket,” Mr Cas­to­rina said.

“This case was a lit­tle bit unique.”

The hold­ing was put to the mar­ket by a mort­gagee.

The 367ha par­cel about 30km north of Townsville sold for just $ 732,500, less than half its unim­proved val­u­a­tion.

The prop­erty ad­joins the Blue­wa­ter Park ru­ral residential sub­di­vi­sion and has frontage to Forestry Road and borders the Bruce High­way. Ac­cess is from Forestry Road.

The prop­erty has an ex­pired de­vel­op­ment per­mit to re­con­fig­ure the site into nine lots of about 40ha each.

Val­uer and se­nior pro­ject man­ager with the Opteon Prop­erty Group in Townsville, Jen­nifer- lee Sin­clair, said they were pro­vid­ing ad­vice to the buyer, Blue­wa­ter Land Pro­ject.

Ms Sin­clair said the own­ers would ap­proach Townsville City Coun­cil seek­ing fur­ther de­vel­op­ment ap­provals.

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