Trinity and Consolidated Properties have settled on the $1.12 million purchase of three adjoining lots totaling 4.482 hectares in central Cooktown, on which they plan to develop the 45 lot residential subdivision.
Consolidated Properties Cairns-based project partner Gerard Obersky said a development application would be lodged within the next month, with the company aiming to begin work on site by July 2008.
“Like other coastal towns right along Australia’s eastern seaboard, Cooktown is experiencing a surge in population, driven by investment in infrastructure services and industry that shows no signs of slowing down,” he said.
“The town is benefiting from a myriad of activity not just the mining boom but potential new industries like the proposed wind generated power plant, together with expansions in health and various governmental services.
“The newly completed fully sealed road from Cairns north to Cooktown has also opened the town to new tourism interests and business opportunities and the volume of ‘grey nomads’ now visiting the area is evidence of this.
“Cooktown has long been compared to Port Douglas as about 15 years ago and, with such strong potential, we see this as a great opportunity to be a part of its growth and evolution as it matures into one of Far North Queensland’s most important centres.”
Mr Obersky said the site, which would be developed into lots sized from about 800sqm, was located centrally in Cooktown, on the corner of Mason and Savage Streets.
“The development will be within close proximity to the town’s major health facility,
Cooktown Hospital, and boasts views of the Endeavour River and Inlet,” he said.
“There is already a recognised pent up demand for new residential development in the area and, as such, we believe the project will appeal to both locals looking to build a new home and those relocating to the area for work as part of the current regional growth.”
The acquisition of the Cooktown site is part of the Group’s plans to establish a major land bank for future development, building on Consolidated Properties’ success as one of Australia’s leading developers of masterplanned communities.
The Group has been ramping up activity up and down the eastern coastline, with a growing list of land acquisitions as part of Trinity establishing a new, unlisted, specialist land fund.
Trinity chief executive Ben McCarthy said the Consolidated Land Trust (CLT) would be open for subscriptions in March 2008 and will offer a high-return investment for investors seeking exposure to the residential land subdivision market.
“The Consolidated Land Trust offers a total return in excess of 17%, with a minimum of 12% annually, and will compete on very favourable terms with other land funds available in the wholesale market,” Mr McCarthy said.
“On the back of Consolidated Properties excellent track record in identifying and delivering masterplanned projects, our strategy is to have secured approximately 5,000 residential lots by 2010.”
Other recent acquisitions for CLT include a 355 hectare site in Gatton, where Consolidated Properties plans to develop a $300 million residential subdivision.
Consolidated Properties’ major past projects include the $1.5 billion Casuarina Beach township on the New Tweed Coast of NSW and the $1 billion Breakwater Quays project on the waterfront in Townsville, North Queensland.