Grosvenor invests in the Valley
IF it's confidence in the Clarence Valley market you are looking for, Grosvenor Land Pty Ltd's recent acquisition of 4.8 hectares in South Grafton should help.
Grosvenor Land purchased the site earlier this year and is proposing a new residential subdivision at the property.
The estate will provide for a range of house blocks and Grosvenor plans, subject to Clarence Valley Council approval, to have the first stage of the subdivision available by the end of this year.
The subdivision plans are well advanced and Grosvenor expects to lodge an application with the council in the next few days. The subdivision will provide a range of house blocks ranging from 550 m2 and many blocks will have views of the Southampton Hills.
Grosvenor Executive Chairman Tony Veale said: "For a number of years now, the Group has been monitoring the New South Wales regional locations, with a wish to invest in the towns and centres that appear to present strong growth prospects, particularly locations set to benefit from government and private infrastructure investment and spending."
Responding to several indicators, including the inevitable upgrade of the Pacific Highway, Grafton's new bridge and the sentiment reported by the likes of BIS Shrapnel, which indicated the Grafton/Coffs Harbour region to be a promising area for growth, Mr Veale said he and his advisory team think the Grafton area could face an accommodation shortage in the short to medium term.
Though the new estate has not been named, surveyors and development consultants have prepared a development application, which will be lodged shortly.
If all went to plan with the DA, Mr Veale hoped to have lots available for purchase by the end of the year, and house and land packages available from early 2015.
Elders Grafton real estate agent Terry Deefholts, who initially sold the land and adjoining house to Grosvenor Land, said there was plenty of evidence of market confidence and the general sentiment is very positive for the medium term future.
"Our agency has seen record numbers of sales in recent months, which is good to see," Mr Deefholts said. "But sellers have been stung by a drop in the market since 2011 and buyers do often have price perceptions below sellers' expectations.
"But if you look at developments under way in Junction Hill, Grafton and Clarenza - developers are looking much further ahead and are aiming to be ready for the big infrastructure projects on the cards in coming years."