GEMLIFE has purchased the balance of ‘The Heights Estate’ in Pimpama, Gold Coast, for $29,700,000 and plans to deliver an over 50’s lifestyle resort on the substantial site.
The subdivision site, that offered 46.41ha* in land size, came with preliminary approval for 267 detached residential lots.
The asset was marketed and sold by Ray White Special Projects Queensland Executive Directors Matthew Fritzsche, Mark Creevey and Tony Williams.
Mr Fritzsche said the expressions of interest campaign demanded very strong enquiry and serious interest from groups.
“There’s limited developable land on the Gold Coast of this scale and quality, and it showed in the strong number of enquiries we had throughout the campaign,” he said.
“It formed part of the master-planned ‘The Heights estate’ – which is a very well curated and presented estate by Sunland – on the northern Gold Coast.
“The Heights is 20 minutes* from the central Gold Coast and 40 minutes* from the Brisbane CBD. It’s in an elevated position within the estate, offering Gold Coast skyline views.
“The target list comprised local, interstate and international groups, and interest was predominantly from the residential and retirement/manufactured home estate sector.”
Mr Creevey said the sale highlighted that even in testing times, development sites with an element of approval would always be appealing.
“This really is an exciting project and we’re looking forward to seeing GemLife deliver yet another quality project,” he said.
“This is one of South East Queensland’s most recognised land estates – in a market with rapidly diminishing forward land supply.
“It’s a high-quality estate with a significant entry statement, boulevard roads and footpaths, landscaping throughout and features central parkland.”
Mr Williams said ‘The Heights’ offered a real point of difference as the land areas provided panoramic views that incorporated the Gold Coast City skyline and hinterland.
“Pimpama is experiencing a major transformation with new parks, school, sporting facilities, and multi-million dollar retail precincts,” he said.
“In 2018, the ABS ranked Pimpama the fastest growing region in Queensland and the fastest growing region in Australia, outside of a capital city.
“More than $300M in new infrastructure is under construction nearby, including the $80M Pimpama Sports Hub delivering world-class aquatic centre, tennis courts and netball courts.”