Residential development site in Rockhampton North up for sale

A significant parcel of vacant land ripe for residential development in one of Rockhampton’s growth areas is up for sale.

The 117-hectare property at 5-71 Olive Street, Parkhurst is zoned low density residential and has the potential to deliver up to 1,000 new lots and homes.

Situated around 10 kilometres north of the Rockhampton CBD, the englobo land is adjacent to existing residential and commercial developments fronting the Bruce Highway and Olive Street.

It is being taken to the market via a Tender campaign run by Knight Frank agent Pat O’Driscoll on behalf of the vendor, the Rockhampton Regional Council.

Mr O’Driscoll said the land was expected to create enormous interest from residential developers across the East Coast, due to the growth underway in Rockhampton generally and the demand for residential homes.

“There is a huge shortage of homes in Rockhampton, with a residential vacancy rate of less than 1% persisting since June 2020,” he said.

“Rockhampton’s population is anticipated to grow by some 10,000 people by 2031, requiring 4,400 new homes. This is driven by a combination of underlying population and employment growth and the impacts of the major projects currently in the pipeline.

“That land creates huge opportunity to create much-needed infill development and boost housing supply for people living in and moving to this vibrant regional city.

“At the same time it also offers residential developers an opportunity to capitalise on the current undersupply, with the end stock likely to be in huge demand.

“In my 40 years in the market, I have never seen a time like this in Rockhampton, in terms of the broad base economic growth the region is experiencing.”

Rockhampton Mayor Tony Williams said Rockhampton and region was on the cusp of significant economic growth, and as a result, was attracting the attention of more investors.

“Being the major city of Central Queensland, Rockhampton offers a depth of retail, education, health, sporting, leisure facilities and infrastructure comparable to many capital cities,” he said.

“There are in excess of $12 billion in projects currently active or in the pipeline over the next five to seven years including the Rockhampton Ring Road, renewable energy projects and defence activity.”

Mr O’Driscoll said the Parkhurst land was well located, close to Rockhampton city and other residential and commercial development, as well as transport links elsewhere.

The site is positioned North of the Rockhampton ring road, which is currently under

construction and will, once completed, offer ease of connection to the western transport corridor.

The Rockhampton Airport is situated approximately 13.6 kilometres from the site and has excellent services with direct flights to major cities north and south and in particular Brisbane.

The Capricorn Coast is only 35.1 kilometres east of the site along Yeppoon Road and is a coastal destination with pristine beaches and a popular tourist destination.

The Tender campaign for the property will close at 2pm on Wednesday, September 11.