Clarence boosts development portfolio

CLARENCE Property added a $13.5 million a 16-hectare residential development site at Bilambil Heights to its expanding community portfolio across New South Wales.

The site, which includes approvals for 100 lots and a community park, is located on the corner of Stott Street and Walmesly Road.

“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,” said Peter Fahey, managing director of Clarence Property.

With early construction works set to commence within the coming months, the Bilambil project will fill a gap identified by Clarence Property, within the market for large homesite by both the coast and infrastructure.

“We’ve done our research and our Bilambil community will deliver exactly what purchasers have indicated they are looking for, with lots ranging from 542sqm through to just over three hectares, with an average size of about 1,200sqm,” added Fahey.

Bilambil Heights sits between the Tweed and Gold Coast and offers easy access to the M1 motorway, while also sitting amongst both bushland and aspects of coastal living.

“The site incorporates a mix of flat homesites, gently sloping lots and some contoured lots, paving the way for a mix of traditional and split level homes, which have the potential for spectacular hinterland vistas and scenic ocean views.

The Coolangatta beach and retail and hospitality precinct are also within close proximity, while three schools are also within a 20 minute drive of the site.

“The larger lots will appeal to local families looking to upgrade to a new home, as well as buyers from the city and interstate eager for a tree change close to the beach,” said Fahey.

Last year the unlisted property fund manager bought up $70 million in new assets across the commercial, logistics and retail sector for a total of five acquisitions over 2020.

With the Bilambil community to join Clarence’s community portfolio made up of the $400 million Casuarina Beach, $300 million Epiq at Lennox Head and $100 million Yamba Quays.

The group recently entered a 4.17 hectare site in its Epiq Lennox Head community to the market, as one of the few remaining beachside development parcels in the Ballina Shire.

While also bringing its Brisbane industrial portfolio up to a combined $34.6 million, with the April purchase of a hardstand site in Hemmant for $6.5 million.