REVEALED: Huge price tag for major Coast housing development
A MAJOR development site with the potential for more than 400 residential lots has changed hands in Maryborough West.
A private investor from Melbourne snapped up the 388ha land parcel for $1.7 million.
The site, which was the balance of the established and successful Oakhurst Garden Estate, was marketed and sold by Ray White special projects associate director Andrew Burke.
The asset had 112 lots already approved and had the potential for a further 300-plus lots in the future.
Mr Burke said local town planning laws just released showed a willingness to reduce the minimum lot size, meaning there was potential for even more lots to be developed.
"There's definitely money to be made by land-banking as strong medium to long-term investment opportunities," Mr Burke said.
"Relative to the size of the land parcel, it's not a lot of money to buy these assets that have a massive upside.
"A minor up-tick in the local economy can substantially increase the sale price per lot, which represents a sizeable percentage return on a developer's investment."
Mr Burke said the opportunity formed part of the Oakhurst Gardens Estate, which had 250 lots already developed and an additional 1.22ha approved commercial site.
"The location was also key with it being just 30 minutes to Hervey Bay with direct access to Fraser Island, being just minutes from the city centre and having the Bruce Hwy nearby," he said.
"Maryborough forms one of Queensland's most heritage-rich regional townships, with a rich military history and provides excellent access to some of Queensland's most prestigious tourism destinations including The Great Sandy Strait and the Fraser Coast Hinterland.
"Being close to schools and sports fields will also appeal to future residents that either have or will be thinking about having children."