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2. Property Highlights

Golf Course Residential Lot/Lifestyle development site
  • Land area 8948m2
  • Lot 101 is a balance lot within an existing CTS that has sat empty for over 13 years. 
  • The Gympie Regional Council has approved a 21-home development on the land, this has been approved as 21 stages so that any one house can be built at a time but you don’t have to build all of the homes at one go. 
  • The Approval does not consider the option to subdivide the land into 21 sperate house lots as the existing Community Title Scheme would have to approve the subdivision and create a new CMS, the Committee of the CTS did not support this occurring. 
  • The position of the BC Committee cannot affect the approval or its current conditions. 
  • The Approval provides for Residential Housing options under a single land ownership model. The owner chose to offer the project to consumers under the Residential Park Act as an Over 50’s Resort with security of tenure provided under a Site Agreement issued under the Act. This Site Agreement operates in perpetuity, however for future homes any land tenure option can be implemented as long as it caters to a single land ownership model over the current Lot 101 which includes the 21 Homes. 
  • One home has been completed and occupied by a Home Owner under a Site Agreement, they pay a Site Fee of $145 per week. 
  • As a Lot within the existing CTS, Lot 101 pays Body Corporate Levies which are currently $40,000 per year but fluctuate based on the budgets approved at each AGM. 
  • Two houses are currently under construction and have roofs on and are ready to be closed up with windows and cladding. 
  • The balance 18 home sites have all of the Sewer, Stormwater and Water infrastructure in place but require some earthworks and an upgrade of the road levels to meet the Condition of the Approved OPW. 
  • The sale price achieved for the settled home which was sold over 12 months ago was $479,000, the 2 current homes are listed at $539,000 to cover off increased build costs. 
  • The civil works were done in 3 stages with stage 3 covering the works now included in lot 101 and the original stage 3 building works. So when looking at the current approved OPW it may refer to original Stage 3 civil works. 
  • The existing 54 units were built in 3 stages with separate approvals. 
  • However the homes to be completed under the stage 3 development approval changed during the construction process but I can find no amendments to the original stage 3 that captures that change. It appears that because the stage 3 civil approval did the balance of the whole site they just switched the houses around and built units 35,36,37 and 38 instead of 65,66,67 and 68.
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4. Property Location

Lot 101/25 Corella Rd, Gympie, QLD, 4570

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5. Due Diligence

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Lot 101/25 Corella Rd, Gympie, QLD, 4570 Gympie
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