This article is from the Australian Property Journal archive
DELFIN Lend Lease is set to create a new $4.5 billion masterplanned community at Rocky Springs in Townsville.
Delfin Lend Lease has plans to develop a 15,000-lots community on the 1,594 hectare site it purchased from Rocky Springs Rural Pty Ltd and Lancashire General Investments Pty Ltd.
Located 15 kilometres south east of Townsville, Rocky Springs is serviced by the Bruce Highway and has convenient access to a number of major employment centres including Townsville CBD, the Stuart Industrial Area, James Cook University, Townsville Hospital, Lavarack Barracks and CSIRO.
Under the agreement, the masterplan will also feature major retail and community facilities, potential commercial business, schools, parklands and conservation areas.
Delfin Lend Lease CEO David Keir said the new site will be the key focus for urban community development in the region and adds to Delfin Lend Lease’s proven track record in Townsville.
“Delfin has enjoyed strong market acceptance in Townsville over the past 13 years, through our Riverside Gardens and Willow Gardens communities, and the Rocky Springs site forms part of our strategy to retain a long term presence in key growth corridors.
“We are excited to be working with the Townsville City Council to develop the City’s major growth corridor,” he added.
Keir said regional planning studies identify the area as a future growth area for Townsville, with potential to provide 20,000 allotments and an ultimate community of around 55,000 people in the long-term.
Delfin Lend Lease’s Rocky Springs interest is expected to account for more than 70% of the growth in this area.
Development of Rocky Springs is expected to commence in 2008 with the first release of residential land targeted for 2009. The agreement is under a land management model and is expected to run for over 35 years.
Australian Property Journal
