The new owners of a block of land about 2km from Hervey Bay’s main shopping centre have big plans.
Commercial real estate experts Colliers announced the sale of the land for $3million in a press release on Thursday afternoon, June 15, 2023.
The announcement said the land would be transformed into a medical centre.
The oddly shaped 1.17ha sits at Doolong Rd, alongside the under-construction Boundary Rd extension, next to an electrical substation.
Colliers Queensland’s Phillip O’Dwyer said the sale was huge for the booming coastal city.
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The odd-shaped block is located at Doolong Rd, Kawungan, next to the Boundary Rd extension.
“This an off-market deal that came about as a result of the overflow of buyers from the sold out Hervey Bay Heights Commercial project on Main St,” Mr O’Dwyer said.
“We were able to sell this strategic site to a locally based medical practitioner, who had missed out on one of the Main St lots, which he intends to develop into a medical and mixed use project.”
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Mr O’Dwyer said the land was zoned for future urban development, and the region was primed to need it.
“Located in one of Australia’s fastest growing regions of Hervey Bay, this site presented a great opportunity as it has been zoned for future urban purpose,” Mr O’Dwyer said.
“Strong demand for coastal lifestyle property coupled with a surge in interstate migration into Queensland has created huge growth for the region with a current resident population of over 110,000 which is expected to grow out to 2041 by approximately 1 per cent per year.
“The majority of this population, about 70,000 people, live in Hervey Bay and by 2041 this population will grow to around 90,000 people.”