Coomera land slated for second biggest Gold Coast residential project no longer going ahead

Plans for the Gold Coast’s second-biggest residential project, described as crucial in maintaining the city’s supply of land, have come to a end. FULL DETAILS >>>

PLANS for the Gold Coast’s second-biggest residential project, described as crucial in maintaining the city’s supply of land, have come to a furry end.

A Japanese company that spent nearly $70m on Coomera land 30 years ago has been planning a 3722-title estate tagged Polaris Coomera Woods.

The venture has been sunk by the federal government over concerns it would have a significant effect on koalas.

It would have meant the destruction of 135ha of koala habitat.

Developer Polaris, formerly Hokojitsugyo, has lost a judicial appeal against the Minister for the Environment’s ruling.

Property experts said in 2018 that it was crucial that Coomera Woods and the city’s other major planned project, the Pacific View estate at Worongary, went ahead to prevent a severe land shortage.

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Construction of the 3500-home Pacific View, today called Skyridge, started this year.

Zone Planning’s David Ransom yesterday said the Coomera Woods outcome meant the Gold Coast was on the cusp of a dire land shortage.

“Last year an exhaustive study showed that the number of homes with a medium-to-high probability of being built by 2041 was only 11,000.

“Under that scenario, the city’s supply of greenfield land would last only four-and-a-half years.

“The removal of the Polaris site from this land supply signals a critical shortage of greenfield land in the northern growth corridor.

“This reduced land supply can only increase the price of land further and make it less affordable for first-home buyers and families.”

Polaris could not be contacted for comment on the Coomera Woods outcome.

Its 1990 buying spree included purchases from mortgagees and gave it control of 757ha.

It planned, but never started, a major residential resort larger than Sanctuary Cove.

Some of the Polaris land subsequently has been sold to QIC and Westfield for the Coomera Town Centre project and other parcels to the former Villa World group.

Polaris is planning a major business park, The Link, on land 800 metres from the town centre and abutting the M1.