Terry Agnew accepts discount on Byron Bay site

An application for a 17-lot subdivision was lodged in March.

Terry Agnew has sold a major Byron Bay development site for some $20 million less than the price he put on it when listed last May.

The proposed Solus Industrial Byron Bay estate.

The 5.64 hectare tract at 294 Ewingsdale Road at the south west corner of Harvest Boulevard found favour with developer Hannas, like Mr Agnew, Sydney based, for $30m.

Plans for a 17 lot strata titled estate have now been lodged.

Branded Solus Industrial Byron Bay, 15 parcels will spread between 1477-1870 sqm.

The other two have developable areas of 4618 sqm and 5848 sqm.

All would be zoned Light Industrial.

The estate would also include roads and a vegetation reserve.

If approved this year, practical completion of buildings is expected in 24 months.

Byron Bay Commercial’s Kath Vaubell and Jeremy Bennett are managing the land sell down for Hannas.

Mr Agnew, via his Tower Holdings, retains neighbouring land making way for a housing estate, Harvest – the next stage of which has been put on ice after demand for local residential slowed over the past 24 months (story continues below).

The Byron Bay estate could be built in two years.

Bulk of supply here: Hannas

Byron Bay has 7.2ha of available industrial land of which 5.6ha is designated to Solus, Hannas claims.

“The industrial sector in Byron Bay has experienced significant growth in recent years, propelled by limited supply and various key factors including population increase, e-commerce and infrastructure enhancements,” the developer said.

“Additionally, overflow demand from the Gold Coast market has also contributed to a surge in industrial rents over the past 24 months,” it added. “The scarcity of leasing opportunities has intensified competition among tenants for available space”.

Established in 1988, the group has delivered product worth over $1 billion including in the civil infrastructure sector.

Its multi-building residential based Harrington Collection project in Sydney won a UDIA NSW Award for Excellence last year.

Recently completed Sydney industrial projects include Arc Lane at Lane Cove West and Rockwater Brookvale. It is also seeking to build a 9200 sqm business park at Northmead, near Parramatta.

The Solus application comes three weeks since we reported ex-Seek director Robert Watson with developer Jason Dunn won approval for Secret Garden, a shop-top project on the south east corner of Jonson and Kingsley streets, in the heart of town.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.