A LARGE slice of undeveloped residential land in north-east Warrnambool is expected to bring at least $6 million through sale by tender.
The 15.3 hectares of former farmland off Whites and Aberline roads is rezoned for housing and has a planning permit for 139 lots awaiting final approval from Warrnambool City Council.
Interest has already come from prospective buyers in Brisbane, Melbourne, Geelong, Ballarat and the Warrnambool district, according to Ray White commercial division director Phillip Lee of Ballarat.
“Given the shortage of ready-to-go housing land in Warrnambool I would expect this sale to reach in excess of $6 million,” he said yesterday.
“The interested Brisbane party said they had been keeping a close watch on the growth potential of Warrnambool.
“Others didn’t realise how fast Warrnambool was expanding.
“It’s definitely an opportunity for a developer to buy in and move forward without a long holding time. Pipe infrastructure for roof water harvesting has already been installed.”
Mr Lee said the land was being sold by a family investment company which wanted to work on a larger subdivision project interstate.
Tenders close through Ray White Commercial on September 14.