This article is from the Australian Property Journal archive
A 150-hectare development site in Northern Tasmania has entered the market, presenting the opportunity to establish a 600-lot subdivision and town centre.
Willowbank Estate is located at the junction of the Bass Highway and Meander Valley Road in Hadspen, around 8km southwest of Launceston, and comprises around 65% of a 232-hectare earmarked growth area for the Hadspen Township.
Cale Ayres, George Burbury and Nicholas Bond from Knight Frank are managing the sale of the land via an expressions of interest campaign, on behalf of the vendor EDTEC (Launceston) Pty Ltd.
“The asset provides a unique combination of size, scale and various existing zoning, the likes of which have never been offered to the Northern Tasmanian market,” said Ayres.
“Tasmania’s strong economic performance in recent years, combined with significant infrastructure spend across the state and increasing awareness of ‘brand Tasmania’, is seeing growing interest from national and global investors.”
Currently, the expansive site is occupied by a single family home, the site sits within the Hadspen Growth Area Plan where single lots are currently being offered between $249,000 to $449,000.
“The local council has earmarked a substantial 232 hectares of land as the designated growth area for Hadspen, underscoring a commitment to strategic urban expansion,” said Bond.
“Hadspen presents an attractive investment opportunity driven by shifting demographics with a growing population, enhancing the need for town services and infrastructure upgrades that a development project on Willowbank Estate could deliver.
The expressions of interest campaign for Willowbank Estate is scheduled to close on 23 May 2024.
