Situated little more than 2km away from the bustling centre of Wonthaggi is a 75.14 hectare residential subdivision, adjacent to the existing residential area, that’s waiting to get a new lease of life.
A SIGNIFICANT upswing in residential development for Wonthaggi is going to come.
The major retailers such as Dan Murphy’s, Big W, Bunnings, Priceline, Coles and Target have all recognised that and when it does come, it will come with a rush.
At a recent trades’ expo and social event, put on by Capeview Mitre 10 for the area’s builders and tradesmen, there was a lot of optimism in the room at the Wonthaggi Workmen’s Club that the building and construction sector has turned the corner and activity is on the climb.
New home starts are increasing, developers are responding by releasing new land for sale and the price difference between renting and building new is closing.
With Melbourne real estate prices reaching ridiculously high levels in the past months, more people are looking for options elsewhere and Wonthaggi is ready made for growth.
But if you’re a developer or investor who thinks he or she has missed the boat… think again.
One of the best located pieces of development land in Wonthaggi, well situated adjacent to existing residential land, off Korumburra-Wonthaggi Road, with all approvals in place is now being offered for sale by tender.
At 64.57 hectares in size, it has already been rezoned and has an approved subdivision master plan showing approximately 630 homes sites; all located just 2.5km from the centre of town.
The property adjoins existing residential land, is well located to recreational facilities and schools and also adjoins other new residential development areas.
“It’s a very good site which lends itself well to development, because of its topography, making it ideal for building and construction,” said Peter Kilkenny for the selling agents, RPM Real Estate.
“In regional areas, people really want to live close in and this is still well located to the centre of town, while also being near schools and other services.”
The property has previously been worked up to its present state of readiness by a south-east metropolitan land developer whose circumstances have changed so it’s quite likely that the vendor will be motivated to sell.
The property is being offered for sale by tender with expressions of interst set to close on Thursday, December 5 at 12 noon.
So what’s it worth?
Well, that’s difficult but if it was to be developed into a 630-site residential area, it could generate as much as $90 million for the land component only.
When you consider what it might be worth with new homes on every block, the property could make an astronomical contribution to the local economy.
Land development on that scale is not for the faint hearted but there are those with that level of expertise locally and by all accounts, there has been a good level of interest both locally and outside the area since the property was put on the market a couple of weeks ago.
“It’s still early days but we’ve already had some interest,” said Mr Kilkenny.
“We would expect more interest to come, not only locally but also from Melbourne and nationally because of the size of the property and its potential.”
Mr Kilkenny said a reserve price hadn’t been decided but he said he was discussing a range of prices with those who express a genuine interest in purchase.
Having achieved the approval stage, it could well be one of the most valuable properties ever sold in the local area… watch this space for the outcome.