Hervey Bay development opportunity sold, but not in a rush

Stephen TaylorJune 26, 20130 min read

An unidentified Brisbane investor has bought the vacant Ocean View development site at 552 Charlton Esplanade, Urangan, Hervey Bay for ‘’under $500,000’’ post-auction.

The medium density residential zone property of 736 square metres, near Peppers Resort, has medium use potential, subject to approvals.

Knight Frank Brisbane selling agent Jason Degn sold the property after the recent receivers’ sale but declined to reveal the exact price.

‘‘It will probably go to shops with residential upstairs.

"The buyer is in no hurry to redevelop,’’ he said.

The site has had a chequered sales history. It was sold for $742,500 in 2010 and slightly more, $742,654, in 2006. 

This time around the receivers were happy to accept a cash deal.

Another receivers’ sale at Urangan has not yet been so successful. The vacant block at 67 Moolyyir Street was passed in without a bid when auctioned also by Knight Frank Brisbane last month. The receivers Ginette Muller and John Park have asked that the asking price be withheld. It was listed late 2012 with $410,000 plus gst expectations.

The 3734 square metre site was bought for $400,000 in 2004. It was initially listed with $1.5 million asking price in 2007, which was reduced to $980,000 during 2009.

‘’The site is suitable for low residential development," listing agent John Bone said.

"This part of Hervey Bay is particularly active at the moment. We’ve sold a lot of stuff over the past 12 months.’’

The low density residential site is not far from the Hervey Bay marina. It has development or subdivision potential, subject to approvals.

Stephen Taylor

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