Money

Parcel of Ripley Valley on market... for $40m

PROPERTY developers are continuing to eye off vacant lots of land in the Ripley Valley.

A Deebing Heights 114-hectare (282-acre) lot has a $40 million price tag and is attracting interest from interstate and international investors.

The site is within the Ripley Valley Urban Development area, with another two sites of 67ha and 10ha listed for sale nearby.

Development in the Ripley Valley has started, with the first sod turned on Sekisui House in November. In 15 years' time it is expected Ripley Valley will be home to 120,000 in 50,000 houses.

The land is on the market with Townsville Property Centre, with agent Mark McIntyre saying the site is well placed for potential buyers. The site has been touted for subdivision into 2300 residential lots.

"Where it's located, it's got a Stockland development next door and they are usually pretty well placed," he said.

"Once the new owners get DA approval, the site is ready to be developed."

The site has been on the market for months, but Mr McIntyre said its Queensland owners were waiting for the right offer.

"We have had a bit of interest. We have had some enquiries this week from Melbourne."

Last year a 224ha site in White Rock was listed for sale at an asking price of $45m. The land has the potential to generate $30m once subdivided.

PRD Ipswich principal Peter Mendoza said demand would drive the Ipswich real estate market.

"When there have been big developments like Winston Glades in the past that have been attractive, that has helped all over," he said.

"The Ipswich area does well so if they generate interest in the Ripley Valley, it will generate interest in the Ipswich market."

Mr Mendoza said Australia was a good option for overseas investors with interest rates offering a better return than their US counterparts.

Topics:  deebing heights, property, ripley valley


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