Two Cotswold Hills development sites as part of the Essence Land Estate have sold for a total of $11.1 million
Based at Gowrie Junction Road, the 14.551 ha northern portion of the estate was sold to Victorian based retirement developer Country Club Living for $3.6 million subject to development approval for a 183 unit retirement village and residents private nine hole golf course.
The 24.966ha southern portion of the estate was sold to Gold Coast based development firm Homecorp for $7.5 million, to complete the approved balance 128 lots of the Essence Land Estate development, with a remaining area with potential for a further 171 lots.
Homecorp has delivered more than $1.5 billion in residential projects since 2004. Homecorp plans to deliver house and land packages with its construction arm, which is majority-owned by Japanese industrial giant Toyota.
Stage 1 of the development has previously been completed, with all 63 lots having been sold.
The sites were brought to market by Ray White Special Projects directors Mark Creevey, Tony Williams, and Matthew Fritzsche on behalf of Hillscorp Developments.
“Toowoomba, like most major regional centres in Queensland, has seen significant demand for residential land and improvement in values which has driven strong demand for residential development sites,” Mr Creevey said.
“Groups who demonstrated interest in the balance of Essence Land Estate were primarily attracted by the advanced nature of the approvals with DA and Operational Works for future stages allowing commencement of further development in the short term.
“We received a large amount interest from southeast Queensland and interstate groups seeking to build up a pipeline of stock in the southeast Queensland land market.”