Future uncertain for northern beaches land with eight-storey proposal still on the table
Houses will soon be built on a northern beaches block of land despite the possibility of an eight-storey resort complex at the same site.
Cairns
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CONSTRUCTION will soon begin on a controversial northern beaches block of land but the fate of an eight storey building will could ultimately occupy the site remains yet to be determined.
The land at 33-41 Cedar Rd, Palm Cove, has been subdivided and 16 compact residential lots called Beach Haven quietly hit the market about a fortnight ago, priced between $500,000 and $600,000.
Lot sizes in the new cul-de-sac ranged from 420sq m to 869sq m and it is understood a developer snapped up the whole offering.
Colliers Cairns agent Tom Quaid could not confirm buyer details pending settlement but said all lots had been sold.
That means part of a parcel of land that changed hands for $174,000 in 1981 has now sold for about $8.8m in total.
The median price of a house in Palm Cove is about $890,000, so the land will continue to reap dividends as homes are built.
“This release at Beach Haven Estate has been much anticipated, it is the first new land estate to launch on the beach side of Palm Cove in quite some time,” Mr Quaid said.
“Released to market with a soft launch, we were overwhelmed with inquiry, with all 16 lots under contract very quickly,” he said.
“With civil works due for completion in the next month, we’re excited to see the calibre of homes that will no doubt follow soon. “
Stage two of the 34-lot development approved in 2016 comprises 18 residential lots and two parks.
But it is unclear if the land owner, Palm Cove Nominees Pty Ltd, will progress with a development application for a resort and apartment complex up to eight storeys in parts, on the land that was originally 3.56ha.
Cairns Regional Council Planning, Growth and Sustainability director Ed Johnson said the application was still valid.
“This application is currently under assessment, with the applicant having not yet responded to council’s request for further information, which was sent in May 2020,” Mr Johnson said.
The original development application seeks a “development of an integrated multi-unit residential and tourist accommodation complex comprising a total of 17 residential villa units, 42 residential apartments and 120 motel suites”.
The only significant undeveloped parcel of land left in Palm Cove is about 25ha between Palm Cove Boulevard and Veivers Road, and it is owned by Robert Prettejohn, who also owns Taylor Point at Trinity Beach.
Near Cedar Rd, a block of 799sq m at 299 Coral Coast Drive is for sale for $850,000.
A beachfront block of 1.85ha at 4 Triton St is for sale for $9.5m and a 617sq m block of land at 109 Upolu Esplanade is on the market for $1.55m.
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Originally published as Future uncertain for northern beaches land with eight-storey proposal still on the table
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