New estate to help council’s finances
THE $500million Regatta Waters development on the outskirts of Cannonvale has been tipped to propel the region’s economy and significantly boost council coffers, according to local real estate agent Mark Beale.
The Ray White Whitsunday principal says the recently unveiled masterplanned community will add $500,000 to Council’s income during the next two years and pay more than $44million in headworks charges over its 15year development span.
“Council doesn’t foot the bill for infrastructure and civil works, yet it will be in line for a rates windfall of more than $6.75million a year once the project is complete,” he said.
Latitude Development Group (LDG) started civil construction works on the 2500-dwelling Regatta Waters Whitsundays in late 2012. The project, which will be rolled out over the next 15 years, will include a golf course, village precinct and extensive recreational facilities. It is fully funded so its progress will not be tied to presales.
Mr Beale said having a project of this calibre and size shows the area and its economy were coming of age and catering to a range of lifestyle needs.
“We’re not purely a tourist town anymore,” he said.
He also said LDG was committed to marketing Regatta Waters Whitsundays outside the region to showcase the lifestyle on offer and inspire people to move to the area.
Whitsunday Marketing and Development Limited (WMDL) CEO Danial Rochford said this type of investment was needed in the Whitsundays.
“It represents a net gain for the community by offering a wider range of property options and will bring considerable new revenue opportunities for the construction sector and council while providing a massive boost for the local business community,” he said.
“Regatta Waters Whitsundays also provides some certainty for ongoing housing supply so the region can cater for future population growth and the inevitable impact of the huge amount of resources investment that is underway.”
LIFESTYLE: An artist's impression of the Regatta Waters Whitsundays development, which will be rolled out over the next 15 years.