First home buyers and young families looking for a brand new, affordable beachside home are lining up for the next release of land at Clarence Property’s Epiq Lennox Head, which sold out of its first 51 homesites within just weeks of release last year.
Civil works on the first release of homesites are now almost complete, with settlements scheduled to occur by mid-year, meaning Epiq’s first residents could move into their new homes by Christmas.
Clarence Property General Manager Paul Rippon says release two of Epiq – comprising 80 homesites – will be released in the coming weeks to meet pent-up demand, with dozens of buyers already registering their interest with exclusive marketing agents Elders Lennox Head.
Elders Lennox Head Principal Michael King says interest in Epiq has increased on the back of on-site activity, including the construction of a 4.5 hectare sporting field complex due for completion in February.
The sporting complex will include an AFL ground, rugby/rugby league fields, soccer fields, and two synthetic cricket pitches.
Mr King says construction has also recently commenced on a new road connecting Montwood Drive and Hutley Drive, which will improve local traffic flow.
“The majority of recent purchasers have been local first home buyers and young families who are looking to be part of a highly accessible community – meaning they can cycle down to the beach and recreation facilities within minutes and easily drive to surrounding suburbs,” he said.
“I’m expecting the second release of homesites will sell as quickly as the first, simply because it is becoming increasingly difficult to find affordable beachside land within proximity of the Tweed, Gold Coast, and Brisbane.
“The enquiry we had over the recent Christmas/New Year period is the best we have seen in about eight or nine years which demonstrates that people are recognising there is limited opportunity and are responding with urgency.”
Among the first purchasers to buy in Epiq were Nathan Dee and Prue Warren, who chose Epiq for its location and affordability.
Mr Dee said he often surfed at Lennox Head and loved the idea of living near the beach, but there was limited land available in the right price range until Epiq was launched.
“My partner and I have lived in Ballina and are currently renting in Alstonville, so Lennox Head has always been a favourite spot for us to visit the beach and we were excited when we heard that there was an opportunity to buy land in the area,” he said.
“There’s not much beachside land available on the Tweed or Gold Coast, and what we could find was quite expensive, so when we saw homesites at Epiq just a short distance from the beach starting from the mid $200,000 bracket we jumped on board.”
“It’s a better option than buying an older, established property in the area or moving further inland to get a property comparable to our new four bedroom home for under $500,000.”
“Lennox Head is a small community but the plans for Epiq include sporting fields and a new retail centre which will be convenient, meaning we don’t have to travel to do our shopping. When we do need to go back to Lismore or Ballina for work or to visit friends it will be an easy trip because of upgrades to local road networks and the highway.”
“We can’t wait to move in and be a part of this new community” Mr Dee said.
Ballina-based Clarence Property recently launched its first capital raising in six years for its flagship unlisted Westlawn Property Trust, in a bid to raise up to $40 million to retire debt and fund new acquisitions through the issue of some 51 million units in Westlawn Property Trust at 79 cents per unit. The forecast distribution yield on these units is 8.23 per cent per annum, paid monthly.