An approved subdivision site with a planning permit for 139 lots in the growing north eastern corridor of Warrnambool, Victoria, has been sold by Ray White Commercial.
The 15.38ha property at 154 Whites Road, Warrnambool, was sold by Phillip Lee of Ray White Commercial Ballarat to Graeme Rodger, an experienced local developer, for a figure estimated to be close to $6 million.
Mr Lee said the sale of the 139 lots held in the one title make up the remaining 150 lots of the carefully planned development of Russell Creek Residential Estate.
“One of the key attributes of this sale was that the vendor would assign the benefit of the consultancy works already completed to the purchaser upon the sales completion,” he said.
“The site also features third water pipe infrastructure for roof water harvest already installed to lots in the current subdivision design.”
Mr Lee said for Mr Rodger the site represented a great opportunity to capitalise on the work already done and also allowed him to take advantage of the current planning permit.
“Mr Rodger has advised he hopes to have blocks on the market by February 2013, he said.
“Warrnambool is Victoria’s largest coastal city outside of Port Phillip Bay and Mr Rodger has capitalised on an opportunity to develop in one of the fastest growing economy’s and population centre on the Great South Coast.