A cyclical downturn in the Queensland property market caused by the Global Financial Crisis presented an opportunity for land to be acquired at attractive prices. Through a joint venture with our partners, State Development Corporation, White & Partners acquired a 2.73ha site in Noosa for $1.5 million, representing an attractive price of $55/sqm.
The site’s close proximity to Noosa Civic Shopping Centre and Noosa Shire Business Centre supported the construction of industrial buildings.
However, the pullback of bank funding in Queensland restricted potential construction activity. In response to the constrained environment, White & Partners changed strategy and pursued a land subdivision by subdividing the site into seven lots. The new strategy also reduced the required equity.
The Noosaville estate was 100% sold in three months at prices exceeding $175/sqm, more than three times the acquisition price.