A private investor has bought the land parcel that was the balance of the established and successful Oakhurst Gardens Estate.
Ray White’s Special Projects Associate Director Andrew Burke has confirmed the sale of a 388ha residential site for $1.7 million with 112 lots already approved.
There is also the potential for a further 300+ lots in the future.
Local town planning laws just released has reduced the minimum lot size, according to Mr Burke.
At a glance:
This means a potential for even more lots to be developed.
“Relative to the size of the land parcel, it’s not a lot of money to buy these assets that have massive upside,” said Mr Burke.
“A minor uptick 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 250 lots have already been developed as part of the Oakhurst Gardens Estate and has an additional 1.22ha approved commercial site.
“The location (is) also key with it being (approximately) 30 minutes to Hervey Bay with direct access to Fraser Island, being just minutes from the city centre and having the Bruce Highway nearby,” said Mr Burke.
“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.”
Mr Burke said being close to schools and sports fields will also appeal to future residents that have young children or are planning to start their own families.
Similar to this:
Balaclava townhome development to address market gap
University and joint venture planned for Norwest in Greater Western Sydney