Substantial Maryborough development site sells for $1.7M

A PRIVATE investor from Melbourne has snapped up a substantial development site in Fraser Coast Region’s Maryborough West for $1.7M.

The asset offered a 388ha* residential site with 112 lots already approved and had the potential for a further 300+ lots in the future.

The land parcel, that was the balance of the established and successful Oakhurst Garden Estate, was marketed and sold by Ray White Special Projects Associate Director Andrew Burke.

Mr Burke said local town planning laws just released showed a willingness to reduce the minimum lot size, meaning the potential for even more lots to be developed.

“There’s definitely money to be made by land-banking as strong medium to long-term investment opportunities,” Mr Burke said.

“Relative to the size of the land parcel, it’s not a lot of money to buy these assets that have massive upside.

“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.

“The opportunity forms part of the Oakhurst Gardens Estate with 250 lots already developed and has an additional 1.22ha* approved commercial site.

“The location was also key with it being just 30 minutes* to Hervey Bay with direct access to Fraser Island, being just minutes from the city centre and having the Bruce Highway nearby.

“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.

“Being close to schools and sports fields will also appeal to future residents that either have or will be thinking about having children.”