Developer Villawood Properties has offloaded a tract of land next to its $500-million The Surrounds development at Helensvale for $60 million.
Villawood acquired the land three years ago for about $20 million, and had planned to build a 1500-apartment transit-oriented development next to the Helensvale train station.
The Queensland government acquired the vacant 19ha parcel of land last month, its second transaction with Villawood Properties in the area, after it acquired a site where 25 houses had been planned in 2019 for $14 million.
The land has been resumed for the Coomera Connector for the M1 highway duplication project.
The site had been earmarked by the Gold Coast City Council for a transit-oriented development and Villawood had begun planning for a 1500-dwelling high-density housing precinct near the train station.
▲Almost 20 hectares of Villawood Properties landholdings at Helensvale have been carved off to make way for the M1 Coomera Connector. Image: Villawood
It was also to include an aged care or retirement community, and buildings of up to 10 storeys.
Villawood Properties also has communities at Tallebudgera and Logan and has just released Dawn Edition, a 54 terrace house development with Azure Development.
The $30-million project is the final release in the $500-million, 620-lot The Surrounds development.
Villawood Properties was approached for comment. It is unclear whether the group will look to consolidate its holdings at Helensvale or look further afield across the booming Gold Coast.
Article Source: www.theurbandeveloper.com