Varsity Lakes master plan for 3,736 bedroom aprovals listed for sale
Keen developer interest is expected after a 5.39 ha parcel of undeveloped waterfront land in the Gold Coast suburb of Varsity Lakes has been listed for sale.
Situated just across the lake from Bond University, the site comes with a town plan zoning that allows for a broad range of mixed-use development opportunities.
Lot 103, Lake Orr Drive, is being marketed through CBRE and Colliers International, billed as one of the largest privately owned, greenfield parcels of waterfront land on the Gold Coast.
The approved master plan allows a density of 3,736 bedrooms– in any combination of one, two, three- or four-bedroom apartments.
The buildings can be as high as 45m.
Varsity Lakes was developed by Delfin Lend Lease two decades ago and is now home to more than 17,000 people.
Lot 103 Lake Orr Drive fronts Southport-Burleigh Road, providing easy access to Robina Town Centre.
Offers close June 9.
Realestate.com.au puts Varsity Lakes' median price as $680,000 for houses and $470,000 for units.
Based on five years of sales, Varsity Lakes has seen a compound growth rate of 4.5% for houses and 2.8% for units.
Houses in Varsity Lakes rent out for $600 per week with an annual rental yield of 4.6% and units rent for $480 per week with a rental yield of 5.3%.