FOR IMMEDIATE RELEASE
MAJOR FACE LIFT FOR ROYAL TERRANORA ESTATE
MAJOR FACE LIFT FOR ROYAL TERRANORA ESTATE
NEW NAME FOLLOWING FULL TWEED COUNCIL APPROVALS
$5 MILLION IN SALES EXPECTED TO BE FINALISED. BACKED UP DEMAND LINKED TO SALE OF FORMER TERRANORA LAKES GOLF AND COUNTRY COURSE ESTATE
A major step forward in the revamp of the billion dollar “showstopper” Terranora residential precinct has been announced today with the formal local authority approvals and go ahead for a multimillion-dollar sales and upgrade program for the former Royal Terranora Estate.
It comes off the back of plans for a new billion-dollar master-planned community on the adjoining property that will include 1,600 lots plus a supermarket, retail centre, nursing home and tavern.
The name Royal Terranora Estate has been replaced with the project being rebranded Tweed Grandview Terraces; to differentiate the property from the adjoining Former Terranora Lakes Golf and Country Club estate, being offered for sale as a master-planned community by Brisbane developer, Godfrey Mantle, and covering 184 hectares.
Full Tweed Shire Council approvals and title for the rebranded Tweed Grandview Terraces have been finalised, allowing the owner, publicly listed Eureka Group Holdings LTD (ASX: EGH) (EUREKA), to proceed with current conditional apartment sales and recent capital improvements on stage one of the estimated $30million project.
A total of 60 studio, one- and two-bedroom residential units covering the 2.04-hectare site which have been given a significant facelift by Eureka, have been granted title. Prices start from as low as $135,000. Refurbished 2-bedroom units have just sold recently for $335,000 and $350,000 respectively.
Whilst this property started its life as a timeshare resort, recent refurbishment and the great ‘bones’ of the resort have led to the creation of wonderful residential real estate perfect for rentals or owner occupiers.
The iconic property has undergone a makeover of several million dollars and further large-scale capital improvements are planned in the next stage.
The shortage of well-priced housing stock in the Tweed Gold Coast region, along with strong growth in infrastructure has created a need for well-priced, ideally situated projects. Eureka Executive Chairman, Murray Boyte, believes Tweed Grandview Residential delivers the best value on the Gold Coast/Tweed Shire border region.
“We’ve worked hard at Grandview Terraces to create a new look and identity for our development. We have changed perceptions that what we are selling is retirement living stock or time-shared. This is certainly not the case. We are selling individually titled units at prices below replacement value. There will be no retirement living stock or time share property in the Tweed Grandview Terraces property complex.”
“The new identity is a rejuvenation of the development which is in line with the injection of funds we have committed to deliver quality, affordable stock close to the ocean and the mountains.”
“We are offering Tweed/Gold Coast stock from $135,000 and we think that includes some of the best views on the coast,” Mr Boyte said.
Selling Agent for both projects, Randal Wilson said “Over $5 million worth of expressions of interest have been received from owner occupiers and investors whilst the titling process has been underway with the Tweed Shire Council and we are now busily converting these EOI’s into binding contracts and settlements.”
“There is significant interest in this ‘Own Now and Live in Later’ style product situated in this elevated, private, pristine and peaceful district - the very keenly priced Tweed Grandview terraces will satisfy this demand with some units showing 6% + returns.”
“There is a major shortage of built, titled residential product at this price point, below an average of $250,000 on the Gold Coast – we are expecting great interest from both local and interstate owners once we announce our unique “Own Now Live in Later” project launch starting in June/July 2019”
“Tweed Grandview Terraces immediately adjoins the huge approved master-planned project, being the ex-Terranora lakes Golf and Country Club Estate that Mr Mantle purchased over 20 years ago. It has a major Projects approval from the state government and the completed value of the project will be well more than a billion dollars”
“The Terranora precinct is set to become the pre-eminent residential community for the Tweed Coast area anchored by the Tweed Grandview Terraces project and the MPA approved adjoining master-planned community.”
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