New es­tate to help coun­cil’s fi­nances

Whitsunday Times - - LOCAL NEWS -

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.

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