Developer Graeme Ingles sells one of his last Gold Coast sites
April 30, 2012
| Development Sites
One of the last remaining sites owned by troubled Gold Coast property developer Graeme Ingles is being offered for sale via an expressions of interest campaign.
Scott Zahner and Darrell Irwin of Colliers International are marketing the 3.47 ha property at 21 Karingal Drive in Pimpama on behalf of mortgagee in possession Shakespeare Haney.
Mr Zahner said the site was in a prime location, situated in the Gold Coast’s fast growing northern corridor.
The Kingsholme-Upper Coomera area, which includes Pimpama, was recently named as the only hotspot on the Gold Coast for building and population growth. The HIA-JELD-WED report placed the precinct, which has almost $106 million worth of residential development approved and a population growth rate of 5.5 per cent - well above the national figure of 1.4 per cent - in the 14th spot on the list of 90 locations around Australia.
Meanwhile, the recently released Colliers International Gold Coast Development Map found overall development activity in the region was concentrated in the northern corridor, particularly around Pimpama, Ormeau and Coomera, with a total of $13.577 billion in development in the pipeline across 127 projects.
“Not only is the Karingal Drive property in a fast growing location on the Gold Coast, but the site itself is also a great one for smaller developers currently active in the Gold Coast property market and looking for a residential project,” said Mr Zahner.
“It has approval for a 23-lot subdivision, but with five of the blocks being earmarked for duplexes the property currently has approval for a total of 28 dwellings to be developed.
“The approvals are already in place so that takes away a great deal of cost, time and work, and because it is a relatively small site it would be an easier one for most developers to finance.”
Mr Zahner said there was also an opportunity to get more out of the Karingal Drive site - council indicated in its development approval for the site that it would favourably consider an application to amalgamate four lots for a group title development, with a higher density of one dwelling per 300sq m of site area, which could increase the yield of the site to 32 dwellings.
“This particular site is great for a residential developer because the approval in place would allow for a variety of different homes, including townhouses, duplexes and detached houses, therefore appealing to a wide variety of buyers, including owner-occupiers and investors, once the development is complete,” he said.
“In addition, it is adjoining a site purchased by the State Government for a school, it is close to a new Woolworths-anchored neighbourhood shopping centre opposite Gainsborough Greens and it is close to the M1 providing easy access to both the Brisbane and Coolangatta airports.”
The Pimpama property is also only three kilometres north of the existing Coomera train station and the location earmarked for the long-planned Coomera town centre, which is now likely to be fast-tracked after negotiations have reportedly taken place reducing the infrastructure charges from a huge $160 million to just $6 million if a development application is submitted in 2012.
“If this happens and the town centre is finally developed, the area’s population will explode as developers will rush to secure and develop projects in the surrounding area,” said Mr Zahner.
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