Bimbadeen Estate: Telina land development in Gladstone to provide 31 lots

A housing development more than 10 years in the making is transforming a rare undeveloped patch in the Gladstone suburb of Telina. Full details here.

After 10 years in the making, construction is finally ramping up on a 31-lot residential development in Gladstone which will fill in the last undeveloped patch in the suburb.

The development, titled Bimbadeen Estate, was first lodged with the council in November 2011.

It was originally in the hands of Indium Properties Pty Ltd but that company was delisted in 2019.

Paradise Grove Pty Ltd is now developing the estate.

After a number of extensions, the project is well underway.

The almost 2ha parcel of land east of Bradford Road will contain 31 residential lots as well as a 662 sqm public use block.

A publicly available progress report shows that earthworks are in progress, concrete retainer walls have been built and stormwater drains are being installed.

The development currency period lasts until March 1, 2022.

The land project comes as property data shows Gladstone’s residential housing market is on the rise and the rental situation is tightening.

Herron Todd White’s August Month In Review report detailed there was a shortage of available rental property relative to demand, with a ‘fair’ demand for new houses, with more demand than the previous month.

It also revealed a recent construction boom had put a strain on the construction industry in Gladstone with extended waits being seen for materials.

“There has been a sharp rise in costs to build in the past six to 12 months, with these building costs rising faster than market values of dwellings,” HTW associate director Regan Maye said.

“This makes renovating difficult unless you are completing the renovation yourself, as it is also very difficult to find a builder or contractor who is not already booked solid for the next 12 months.

“Most renovations we see are fairly simple, with the big ticket items such as the kitchen or bathrooms being modernised.

“There remains little to no evidence that the added value of these types of renovations will match the cost to construct, however with the current market conditions, if the renovated property is held, it is likely the rising market conditions will see a profit over the medium to long term.

“We also see a few properties that have been purchased with the sole intention of renovating and then flipping back on the market. These properties are often purchased as mortgagee in possession properties and these so-called bargain properties are really few and far between these days.”

Approved development plans. PHOTO: Documents lodged with Gladstone Regional Council