A 62ha development site in Tweed Shire hits market with $182m hopes
The Tweed Shire’s Teitzel family is putting up for sale a 62-hectare agricultural property in northern NSW’s Bilambil Heights that has been rezoned for residential development, with a price guide of about $182 million.
The guide, based on a rate of $293 per square metre, reflected the potential for more than 1000 homes on the 147 McAllisters Road property, a 13-minute drive from the Gold Coast and 50-minute drive to Byron Bay, Ray White Commercial agent Ryan Langham said.
“It’s a truly exceptional property that epitomises a master-planned community with awe-inspiring views,” said Mr Langham, who is marketing the property with colleague Nathan Huxham. “It really is an unparalleled blue-chip opportunity.”
Many regional parts of Australia are suffering from a growth in population that has outstripped the pace of approvals of new homes, the Regional Australia Institute said last month.
The 9.9-square-kilometre Bilambil Heights town has almost 3500 people, a median age of 44 and median household income of just over $81,200, putting it above the Tweed and Gold Coast local government areas, according to Australian Bureau of Statistics figures cited by the information memorandum for the sale campaign.
CoreLogic data shows a median house value of $1,042,500 and yearly price growth in June of about 13 per cent.
The elevated site in the Bilambil Heights urban release area overlooks Cobaki Lakes and fronts McAllisters Road on its eastern boundary. McAllisters Road links to Scenic Drive, a major distributor road connecting to Tweed Heads.
The RU1 general residential zoning allows for subdivision of the land into 450-square-metre lots and development of the site could include residential estates and gated communities, the information memorandum for the sale says. The cost of civil works per lot on the undulating site was about $160,000, the document says.
The Teitzel family acquired the property for fruit harvesting in 1969 from the Warneleigh family.
“As a beloved generational asset, the family has made the heartfelt decision to bring the property into the modern era and allow a visionary developer to create a sanctuary for many families for generations to come,” Mr Huxham said.
Separately, Pernod Ricard, the Paris-listed alcohol giant that in July agreed to sell its portfolio of Australian wine brands to an Accolade Wines-linked consortium, has put its 27-hectare Richmond Grove Winery at 21 Para Road in SA’s Barossa Valley up for sale.
Pernod had not used the large Tanunda winery, with 87 million litres of tank storage and 299 tanks, three climate-controlled warehouses and three separate residences, to its full capacity for a number of years as it was superfluous to the winemaker’s nearby winery at Rowland Flat, said Colliers agent Tim Altschwager, who is managing the sale with colleagues Nick Goode and Tom Barrett.
“If someone wanted to utilise the full capacity they’d be a very big player,” said Mr Altschwager, who declined to give an indication on price.
“There’s lots of potential for more industrial uses, such as storage. There’s big warehousing and storage or logistics potential there.”
That would follow a similar path to Treasury Wine Estates’ recent sale of its Karadoc winery near Mildura in northern Victoria to wool-industry buyers who plan to turn the site into a storage and logistics hub.
