- Site was acquired for $13.5M
- Clarence acquired $70M in assets alone last year
- The development will offer large homesites
Developer Clarence Property has announced the acquisition of a residential development site totalling 16 hectares at Bilambil Heights, which currently has approval for 100 lots and a community park.
The site is on the corner of Stott Street and Walmesly Road in Bilambil, a north-east coastal NSW town. It was acquired for $13.5 million and tops off a busy 2020 where Clarence acquired five assets totalling $70 million in the commercial, logistics and retail sectors.
Peter Fahey, managing director of Clarence Property, said both marketing and early construction activity is expected to commence during the middle of this year, addressing what he cites as a major market gap for larger home sites near the coast and current infrastructure.
“The level of demand we are seeing across all of our communities is unprecedented – there’s scarce supply of land and we are receiving multiple offers for lots and achieving record prices as buyers put their best foot forward to avoid missing out,” he said.
“With three communities now in the mature phase of their life cycle, we are ready to enter into the development of a new community to ensure we continue our pipeline of residential land supply in the region.”
Peter Fahey, Clarence Property
Based on research conducted by Clarence, buyers are looking for relatively large sites ranging from 542sqm to just over three hectares, with an average of around 1,200sqm. Due to this variety, he expects the development will attract a mixed cohort of buyers.
“These large homesites will be in a semi-rural setting, surrounded by bushland with aspects to the coastline, yet still within easy reach of amenities, with Coolangatta beach and associated retail and restaurants just ten minutes away, and three schools within a 20 minute drive,” added Mr Fahey.
“Bilambil Heights remains relatively untapped in terms of development potential and straddles the area between the Tweed and Gold Coast with easy access to the motorway, making it the ideal location for those looking for a position central to both regions.”
Clarence has a growing portfolio of communities including the $400 million Casuarina Beach on the Tweed Coast, $300 million Epiq at Lennox Head and $100 million Yamba Quays.