Pineapple Patch, Yeppoon

Approved Residential Subdivision Site

– Response from the market has been somewhat subdued having received 48 enquiries throughout the marketing campaign

– Most groups were attracted to the property from a medium to long term hold on the site.

– The campaign had attracted a cross section of buyer markets with speculators and land bankers being the most prominent. Other groups including syndicators have demonstrated interest. Most of these groups have indicated they will be looking at some form of structure around their offers through due diligence to delayed settlements or subject to development approval.

– Some of the interest has also been from local groups with existing exposure to the Yeppoon market via active land estates or land holdings. One of these groups includes the adjoining owner Homecorp who are developing

– The Pines residential subdivision. Homecorp have indicated that they will be submitting an expression of interest albeit they consider the site a land bank. Their view is that they control sufficient supply in the area to last for several years and whist they don’t readily require more land it is about controlling competition.

– The short term outlook for Yeppoon is generally soft with limited growth predicted over the next 12 to 24 months.