'It's mind-boggling': Berghofer on land sale over-supply

MULTI-millionaire property developer Clive Berghofer believes an over-supply of subdivided land is slowing down land sales.

Clive Berghofer has sold land on the corner of Hume and Stenner streets to the supermarket chain Aldi. July 2004 The Chronicle Archives. Picture: The Chronicle Archives

MULTI-millionaire property developer Clive Berghofer believes an over-supply of subdivided land is slowing down land sales.

Mr Berghofer's comments come as his company Jeteld Pty Ltd submitted a proposal to the Toowoomba Regional Council last week for the second stage of his Kearney West estate in southern Toowoomba.

The latest stage would turn four lots in between Kearney and West Sts in Kearneys Spring into 47 smaller blocks.

But the 83-year-old said there were so many vacant lots available for sale, it was impacting on demand.

"The demand is less than what it was. If you look at Saturday's real estate guide, there are something like 10 subdivisions available," he said.

"It's mind-boggling how much land is on the market at the moment, it's slowing down enquiries for me."

According to Precinct Urban Planning's Paul Kelly, the new subdivision on 18 hectares of land would create lots between 480 and 717sq m in size.

"The application comprises a second stage for residential development of the applicant's land on the western side of Kearney St south of Nelson St," he wrote in the planning report.

"The proposed 46 residential lots have site areas that vary between 480sq m and 717sq m.

"The application is accompanied by engineering advice that demonstrates how proposed residential lots will be connected to all urban services including reticulated water, sewerage and stormwater networks."

Mr Berghofer, who owns more than 570 hectares of land in Toowoomba, said he still had "dozens" of subdivisions in the pipeline.

Originally published as 'It's mind-boggling': Berghofer on land sale over-supply