This article is from the Australian Property Journal archive
SUNSHINE Beach Constructions, a subsidiary of Sunshine Coast-based builder/developer Mark Bain Constructions, has acquired a 18.36ha land subdivision in Palmwoods.
Colliers International’s Baydn Dodds and Savills Dustin Welch sold the property at 50 Abbotts Rd, Palmwoods for $4.4 million, on behalf of local development syndicate, Larabella Pty Ltd.
The land subdivision was sold with approval for 109 lots and the sale price reflects a rate of $40,367 per lot.
Dodds said the property is the last development of this scale in Palmwoods released to the market over 10 years ago.
“The strength of the residential market on the Sunshine Coast at the moment, coupled with the shortage of vacant land meant that the site was actively pursued by local, SE Queensland and interstate developers.
“This is due to new land releases selling out in record time as builders, owner occupiers and investors seek to secure suitable housing lots.
“Interest was received from a number of builder/developers which is a continuing trend, as builders are increasingly taking on the developer role due to scarcity of land offerings from pure developers in this current strong residential market,” Dodds said.
Sunshine Beach Construction said it was attracted to the site because of the average lot size of 725 sqm.
“We liked the site’s location and lot sizes, along with the fact that it has become increasingly difficult to source land to meet buyer demand. Developing this site means we can guarantee a pipeline of lots,” the group said in a statement.
Australian Property Journal
