Sale nears on last large block of land in Coolum
THE sale of what's described as the "last large parcel of land in Coolum Beach" has been nearly finalised for $2 million.
Ray White Commercial North Coast agent David C Smith said the sale of the 43.37ha property on South Coolum Rd had gone "unconditional" to a Melbourne investor.
The property has three freehold titles, a house and is only a three-minute drive from Coolum Beach.
Mr Smith said he believed the investor, whose details he declined to release, would not be developing it immediately.
"He has plans to land bank it," Mr Smith said.
"Coolum is landlocked now. There is no more land to be more developed."
The property was being liquidated and was sold by expressions of interest, with the closing date set on February 18.
Property searches show the site at 150 and 162 and 164 South Coolum Rd had sold in 2007 to a Keith Ross Steinhardt for $7.7 million.
Mr Smith said he was surprised at the level of interest in its sale.
"There was a lot more interested parties than we thought we would get," he said.
He believed the property on the west side of the motorway at Coolum, which was also on the market, had sold for $2.45 million even though it was "twice the size of ours".
The west side of the motorway is not zoned for development under the South East Queensland Regional Plan.
Coolum Beach real estate agent Noel Mooney, who has been selling real estate in the town for two decades, was excited for the prospects the sale could offer.
"It will be great for the property market," Mr Mooney said.
"It is so landlocked in Coolum, it will be good for us. Otherwise the only opportunity is out at Peregian Springs or maybe Caloundra South."
Mr Mooney, of North Shore Realty, said years ago there had been plans to build a "big lake" on the site and use the fill for development.
He hoped to see this happen again.
"It is still classified as cane land, but it would get through on the eastern side.
"I would like to see the property done up as it is really, really hard to get land, particularly flat land."
Mr Mooney said real estate in Coolum had boomed in the past three years.
"It's very hard to get anything under $500,000 and we haven't seen that for awhile," he said.
"Three years ago the same properties were selling for $400,000.
"What's making prices high is people don't want to sell. There are more people looking than those selling."