Tweed development holds strong

September 05, 2011 | Research

Development in the Tweed region remains strong despite current market conditions, with development spend having decreased slightly by $40 million to $11.46 billion, from $11.5 billion 12 months ago, according to the latest research from Colliers International.

Lynda Campbell of Colliers International on the Gold Coast, who compiled the report, said the number of projects both underway and in the pipeline in the suburbs of Tweed Heads, Casuarina, Banora Point, Kingscliff, Terranora, Bilambil and Murwillumbah has increased to 49, from 42 projects 12 months ago.

“There are currently 15 projects with a total value of $4.51 billion under construction and 34 projects in the planning stages, totalling $6.95 billion.

“In line with the previous years’ report, mixed-use projects account for the majority of development spend in the Tweed region, representing 77 per cent of the total, at just over $8.8 billion across nine projects.

“The two largest projects on the list are the mixed-use Cobaki Lakes at $2.5 billion and Kings Forest at $2.25 billion. 

“Both projects are being undertaken by Leda Developments and are not only the largest planned projects for the Tweed area but also the largest being undertaken across the Gold Coast and northern NSW. 

"These two major projects will bring economic stimulus to the area when they begin.

“Previously, the Casuarina and Salt projects, which are both nearing completion, were the largest being undertaken in the area but these have been eclipsed by the planned Cobaki and Kings Forest developments.”

Figures released earlier this year by the Australian Bureau of Statistics show the Tweed Coast area as recording one of the strongest population growth figures across New South Wales.  The average annual growth over five years was 1.4 per cent for New South Wales, while the Tweed Coast grew at a rate of 4.8 per cent.

Ms Campbell said the new projects added to the development list this year are all smaller scale, with the largest being the $190 million Tweed Shire Council’s masterplan for Terranora Area E Urban Development.

“The largest infrastructure project is the Pacific Highway upgrade at Banora Point valued at $359 million,” she said.

“This major road project is well underway and when completed late next year will improve traffic flow and reduce travel times for motorists.”

According to the report, Residential projects currently account for $1.2 billion in development spend, Infrastructure sits at $661.2 million, Commercial at $442.6 million, Apartments at $175.8 million and Retirement at $124.5 million.

Stewart Gilchrist, Colliers International Gold Coast Director, said the laidback, village style atmosphere of the Tweed area has made it an attractive option, particularly over the past few years, helping to drive continuing development across residential, commercial, industrial and infrastructure projects.

“In the past, the Tweed area has been seen purely as a holiday location. Now with M1 extension and upgrade and the rail line creeping closer to the border there is an increasing number of people relocating to the area and commuting to both the Gold Coast and Brisbane for work.

“In addition, employment options are likely to open up in the near future when the Cobaki Lakes and Kings Forrest projects get underway.”

The Tweed area offers a broad variety of natural attractions including world heritage-listed national parks, the iconic Mount Warning and unspoilt beaches, all within close proximity to major shopping centres and the Gold Coast Airport.

- ENDS -

For further information please contact:

Susan Epp
PR & Communications Manager | Queensland

Tel: +61 7 3026 3322

Mob: +61 434 573 026

Email: Susan.Epp@colliers.com    

www.colliers.com.au

 

Back to listing