Urbex shells out $5.5m for land
DEVELOPER Urbex has acquired one of the largest residential-zoned development parcels in the Townsville market with the sale of former Defence Housing Australia land in the Upper Ross.
Property records show the 80.27ha site has sold for $5.5m.
Knight Frank’s Paul Dury, Grant Bulpett and Andrew Forster marketed the site last year as the development market surged on the back of the federal government’s HomeBuilder grants and stimulus measures aimed at boosting economic activity during the coronavirus pandemic.
Knight Frank described the land as one of the largest zoned for residential use in a tightly-held Townsville market.
The land, comprising four lots on South Beck Drive and Bluewattle Boulevard, Rasmussen, is the balance of the Bluewattle Estate developed by Defence Housing Australia, a federal government enterprise supplying housing and related services to Defence Force members.
Knight Frank says the land is a genuine infill development site of substantially serviced land within a long established residential area.
The Upper Ross population was listed as 22,000 based on 2016 Census figures.
It is estimated that, subject to council approvals, 974 lots can be developed with average lot sizes of 516 sqm.
A further four stages are next to be developed, including one stage that has approvals for 29 lots.
Defence Housing Australia has developed seven stages of the estate with some 230
households established and three major parks – Birdwing Park, Jeff Caddies Park and Alfresco Park – created.
They have been active in Townsville although at a time when the market languished
as commodity prices and mining dived from 2015.
There were plans for a major unit development after it acquired homes in a 6ha holding fronting Rossiter Park, Aitkenvale, although the project has not proceeded.
Home building approvals soared almost 40 per cent in Townsville last year, creating boom conditions for an industry scrambling to meet demand and obtain materials.