Last Land in Crescent Head sold for new estate

26 April 2022

A private development company has purchased a 12.58ha block of land in Crescent Head for $23,100,000.

The site is the last remaining parcel of zoned land in Crescent Head and has the potential to be subdivided into 109 lots.

The unique and highly desirable site went into exclusive due diligence on Christmas Eve and has since sold, with the new purchasers looking to obtain DA approval for sub-division.

The successful sale is testament to the tightly held nature of the asset class, and the limited availability of stock.

The deal was negotiated by Nick Lower and Selin Ince of Savills Australia.

“Residential development sites such as this, no matter what the economy is doing, will always yield high demand,” said Mr Lower.

“This was an incredibly competitive campaign. Testing the market so close to Christmas is rare yet the interest from purchasers to get the asset tied up was unlike anything we have seen. Having sold with no DA in place is further testament to the strength of the asset class.”