Windfall for Clarence Property after land sale
IN A windfall for developer Clarence Property, their one-day auction of 22 premium coastal homesites at its Epiq Lennox Head community has paid off to the tune of $10.675 million.
Prospective buyers pre-registered to bid at the October 27 auction, which saw the 'Ocean Ridge' homesites sell for a combined $640,000 above reserve pricing. Lots between 640sqm and 1074sqm sold from $400,000 to $595,000.
Elders Real Estate Lennox Head principal Michael King said the result demonstrated the strong demand for premium coastal property in northern New South Wales.
"Land supply in the coastal corridor between Tweed Heads and Ballina is drying up, and at the same time the $4 billion program to upgrade the motorway connecting to this region is encouraging more people to consider living and working here," he said.
"The 22 lots that went under the hammer were among the best on offer in the Epiq Lennox Head community, many with ocean views and within proximity to a recently approved $30 million Woolworths-anchored neighbourhood shopping centre which is expected to be completed by mid 2020.
"Most of the purchasers who secured an Ocean Ridge homesite were intending owner-occupiers from Lennox Head, Ballina and surrounding areas, which indicates that locals understood the limited supply and opportunity on offer.
"We also had half a dozen purchasers at the auction who had previously purchased in Epiq and were looking to re-invest.
"Individual homesites sold for up to $80,000 above reserve as purchasers pushed for their preferred lot, with titles expected to be available by April 2019 so most buyers are able to occupy their homes by Christmas next year."
Clarence Property Managing Director Peter Fahey said Epiq Lennox Head had achieved a one-day sellout for the majority of its previous land stages, with more than $83 million in property sold to date at the community.
"Stages one, two and three, comprising a total 260 homesites, also sold in one day under a ballot system, with names drawn out of a barrel to provide equal opportunity for registered purchasers to secure their preferred lot at market price," he said.
"For Ocean Ridge we opted for an auction-style event due to the limited number of premium lots available and the strong demand for seaside homesites close to amenities like parks, shopping centres and schools.
"The success of Ocean Ridge has prompted us to considering releasing another small stage of premium homesites with ocean views in the coming months for those who missed out in the recent auction."