Clarence Property is continuing its march across northern New South Wales, with the $13.5 million acquisition of a 16 hectare residential development site at Bilambil Heights, with approvals in place for 100 lots and a community park.
The Bilambil project, located at the corner of Stott Street and Walmesly Road, joins Clarence’s 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.
The acquisition also comes off the back of a busy 2020, which saw Clarence acquire five new assets in the commercial, logistics and retail sectors for a combined $70 million.
Clarence Property managing director Peter Fahey says marketing and early construction activity is expected to commence at the Bilambil Heights site around mid-year, addressing a major gap in the market for larger homesites close to the coast and existing 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.
“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.
“These large 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.
“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 Property managing director Peter Fahey says the Bilambil Heights community is expected to attract a mix of purchasers due to the variety of housing on offer.
“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,” he said.
“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.
“This development will mirror the successful model Clarence has used in other areas, creating boutique communities with ample green space, underpinned by a community park which encourages people to come together.”