1 July 2005
Rockhampton continues to be a key target in award-winning developer
Citimark Properties' $130 million regional expansion program.
Following the phenomenal success of its first development
in Rockhampton – a prestigious, high-end, residential
sub-division in German Street called The Sanctuary - Citimark
is releasing Stage 2 of the project ahead of schedule.
Launched onsite by Rockhampton City Mayor, Margaret Strelow
on Friday, 1 July at 10.30am, The Sanctuary is the fastest
selling residential property development in Rockhampton's
history with 95% of the project's first stage sold within
5 months.
Located in the blue ribbon area of German Street, Stage
1 of the project included 52 lots and was formally launched
in September last year. The project includes three development
pockets defined by two green corridors and access to the existing
open nature reserves.
Citimark Properties Commercial Director, Warren Ebert said
the project's rapid sale rate was due to a combination of
timing, a focus on ground-breaking liveability aspects and
a unique design that sought to enhance the surrounding parkland
area and cooling climatic elements.
"We knew we had to produce a superior type of project
and spent a lot of time consulting with local authorities,
landscape architects, planners, an environmental management
group and local real estate agents to ensure The Sanctuary
provided a quality standard of living not seen before in the
region. The first stage of the project has exceeded all the
company's expectations and sales targets," said Warren.
"The overall design of the Sanctuary focuses on the
enhancement of the environment and its natural features. The
creeks, gullies and ridgelines will be enhanced so their environmental
value can be preserved. Public use of the Mt Archer nature
reserve and Moores Creek has been improved through the provision
of car parking for easy access to these areas."
"The development's innovative design and benchmark
quality landscaping and planning elements achieved a 10% premium
in price compared to similar developments in the area. We
averaged $102,000 per lot – a price which other developments
are only now achieving eight months later," he said.
Stage 2 is a premium release and will include 29 lots, most
of which are elevated and with views of the CBD. The lots
range in size from 770m2 to 2,300m2
with pricing between $120,000 and $157,000.
Warren says 80% of the lots have been sold to owner-occupiers
and and 20% to investors. The buyers are predominantly located
in the immediate region including the hinterland and surrounding
grazing and mining areas of both Rockhampton and Yeppoon.
"Given the strong local support and success of the
project, Citimark is also currently assessing three more potential
projects in the region," said Warren.
"New industry, employment growth and buoyant commodity
prices have lifted investor sentiment in the region and many
locals who had never thought about investing in property have
in recent months made their first foray into the real estate
market," said Warren.
All this demand will have significant impact on prices.
The REIQ research manager Fiona Bergin, predicts that regional
centres still have strong growth prospects this year.
According to the REIQ, Rockhampton reported the highest
growth in house prices for the March quarter with an impressive
10.4% growth. This dramatic price growth is in sharp contrast
with South East Queensland which has had a pronounced slowdown
in both price growth and number of house sales.
Based primarily in South East Queensland, Citimark began
its research into regional Queensland areas in 2002. Rockhampton
was earmarked as a primary target for its expansion campaign.
Economic and population growth indicators particularly the
reopening and expansion of the meatworks factory, the new
military facilities in Shoalwater Bay and proposed coal coking
plant near Stanwell created a demand for housing not currently
met by the market at the time.
Citimark Properties' regional expansion program now encompasses
$130 million in developments across Australia's eastern seaboard
from Byron Bay in NSW to Townsville in Northern Queensland.
Rockhampton remains a primary target due to the region's increased
economic activity.
In nearby Mackay, Citimark is undertaking a number of projects
including a 30Ha beachside subdivision called The Dunes on
Blacks Beach. The Dunes has been a highly successful project
with Stages 1 and 2 sold out within six weeks of each release
and at a 20% premium above other similar beachside projects.
Citimark is also redeveloping the former Mater Hospital Site
into a $26-million art deco-inspired shopping centre forming
the first project in the Mackay City Council's CBD revitalisation
program.
Citimark Properties is a Queensland-based, multi-award winning
company. It is a privately owned, family-run company and its
principal shareholders are its joint managing directors Angus
Johnson and Robert Pullar. Over the last nine years they have
developed projects worth in excess of $600 million including
successfully completing $300 million in residential projects.
Projects totalling a further $324 million are currently under
development/design.
The company prides itself on delivering quality community
developments. It has a proven track record in working with
local communities though a “consultative process”
to meet local need.
For further information please contact:
Warren Ebert
Commercial Director
Citimark Properties
07 3216 0662 or 0412 151 056
Andrew Leach
Land Development Consultant
Pat O'Driscoll Real Estate
0419 672 833
|
