Prime land to offer combined lots for less than $1M
A BLOCK of land at Yamanto set to offer both residential and commercial lots could soon entice hundreds more to the booming Ipswich growth corridor.
Under its current development approval, the 1.2-acre site at 10 Leonard St will likely result in the construction of ten townhouses and two commercial properties.
While versatility proves an obvious drawcard, the asking price of $695,000 is expected to have eager developers quick to snap up the site.
Ray White Special Projects salesman Andrew Burke said it was rare to have a block with combined lots hit the market for less than $1 million.
“The two main features are, you’ve got an approved site that’s realistically priced, which is rare in a growing area,” he said.
“Also, if you want to alter the DA, there’s broad zoning which allows a multitude of uses, catering to both commercial and residential needs.”
“That can be altered depending on where [buyers] see the value.”
It will, however, require the removal of a four-bedroom dwelling which currently occupies a small portion of the land.
The development approval also ensured owners would not be hindered by any red tape.
“There’s no uncertainty from council what you can and can’t do,” Mr Burke said.
Development of nearby Yamanto Central shopping centre, which includes retail giants Kmart and Coles, further highlights the area’s projected growth.
“Big companies such as those don’t commit to such an expense unless there is a large increase in population for the area,” Mr Burke said.
“That western corridor is growing and if someone like Coles and Kmart is committing, it shows that smaller commercial users will follow, as well as residential users.”
Mr Burke said the land had already drummed up “strong interest” from both builders and developers alike just weeks after hitting the market.
“Demand for residential developmental properties has been quite strong the past year despite COVID-19,” he said.
“I can appreciate that retail property probably hasn’t been as strong. The main interested has really been people looking at developing townhouses.”
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