Bank reclaims Goondoon St complex plan, places on the market
A MULTI-MILLION dollar would-be development plan in the city's centre that has slipped under the radar is on the market.
A bank has reclaimed the land off Quarterback Group, a company that had advanced plans to demolish buildings on the site to make room for a seven storey complex with 59 units, a shop, offices, and a food store.
The former RSL club, a vacant lot, another vacant lot with a carpark, and a cottage, sit dormant on the four lots at 21 Lord St and 7 Goondoon St.
Andrew Allen, the Ray White director charged with selling land, said the development application has just expired on the block.
But he's marketing it as a "really sizeable development site, with an endless range of possibilities".
It's one of a range of vacant lots that Mr Allen is selling, which have recently had their DA expire.
He said the expired DA's would significantly drive up the cost of property, shutting out first home buyers, as there would be a shortage of stock.
"So then there's a lag between the time some wants to bring it into the market and when they can, and that's typically 18 months," he said.
"When the property market turns, there's a demand for housing or commercial property and everyone's approvals have lapsed.
"It then takes time to get approvals back through council, which causes delay in bringing new stock to the market, and that puts upward pressure on prices.
"If I had a crystal ball, I can see strong demand coming on for new housing, with very little available stock. Sometime in the next three to five years."
He said while the average sale rate in Gladstone during the past 18 months was about 50 each year, the long term average was 500, meaning the rate would begin to head well-above the long-term average.
He said "it's only natural" Gladstone would see an increase in the sale rate "once confidence and stability returns to people's jobs".
Gladstone is also at its largest full-time resident population -- excluding fly-in-fly-out workers -- with a number of companies or property agents with plans to invest in the city, including Coles, finding its set to grow fast.