MORE than 700 homes will be built in Coomera after developer Stockland bought a riverfront holding for $40 million.
The 116ha parcel, known as Waterway Downs, fronts the Coomera River and includes the Coomera River’s 10.1ha Foxwell Island and 8.1ha Thomson Island, located within Hope Island.
The listed developer has been granted approval for the construction of up to 747 residential dwellings, including detached homes and townhomes, on the site.
The first settlements are expected to begin in 2018 and the masterplanned community is expected to be surrounded by a 50 ha of conservation area.
The land, near the Coomera Town Centre, is understood to have been held by Sydney-investor Christine Thomson.
Ms Thomson originally owned about 244ha in the Coomera area
In 1996, she applied to develop the property into 1500-home estate, also to be known as Waterway Downs, but it never went ahead.
Stockland said the acquisition, to be paid for in four instalments of $10 million, would enable it to maintain sales volumes as nearby communities — The Observatory at Reedy Creek, Highland Reserve at Upper Coomera, and Ormeau Ridge — near completion.
Stockland residential CEO Andrew Whitson said the acquisition reaffirmed the residential developer’s commitment to southeast Queensland.
“Waterway Downs will provide us with a very good opportunity to generate positive sales momentum from the current upswing in the southeast Queensland residential market,” he said.
Coomera area councillor Cameron Caldwell said the new project would be a positive addition to the Coomera community.
“This acquisition for Stockland is a great thing for the Coomera, it will continue the growth story of the area and will bring more housing stock and jobs to the northern Gold Coast,” he said.
Stockland Queensland general manager of residential Kingsley Andrew said the masterplan for the community aligned with the planning scheme set out by the Gold Coast City Council.
“We look forward to working closely with Council to bring this project to fruition, delivering much-needed new homes on the coast and creating the best possible outcomes for the community,” he said.
Original Publish: http://www.goldcoastbulletin.com.au/