Prime Palmwoods blocks parcel up for sale first time in 20 years
Two parcels of Sunshine Coast land which have not been on the market for more than 20 years - including one which rakes in $72,000 in rent every 12 months - is up for sale as a prime development opportunity.
Sunshine Coast
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Two blocks primed with potential for development on the Sunshine Coast have emerged on the market for the first time in at least 20 years.
80 and 90 Rifle Range Road, Palmwoods have been put up for sale by Town Group with expressions of interest being taken until May 6.
Jamie Vibert and Bree Bellhouse are handling the sale.
The two parcels span over 16.36ha with generously-sized houses occupying each lot, totalling 13 bedrooms and seven bathrooms.
Town Group’s information brief reports the property on 80 Rifle Range Road, featuring seven bedrooms, is subject to a current tenancy lease which will expire December, 2024.
The rental return is approximated to be $72,000 per annum.
The land also has three dams to enjoy, a separate studio and six sheds.
Property data listed the parcel was last sold in May, 2004 for $1.2m
The original owners of 90 Rifle Range Road still enjoy their custom-built home’s view of a dam by the front step and the ample space which five bedrooms can provide.
The Town Group report stated the property has never been offered to the market before. 1
Property data shows the Palmwoods block was sold for $285,000 in November, 1999 after it was built in 1997.
Town Group’s report the current rural zone has had a “precedent set” for rezoning the area with a high density residential estate - the Old Orchard Estate - already adjoining the site.
Their listings states the package is an opportunity to collaborate with Sunshine Coast Council for rezoning and subdividing the block, while leaving plenty of hectares for the developer to retain.
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