EARLY site works on the construction of a new resort style townhouse development, the Junction, has begun amid strong interest.
The land, on the banks of the Bremer River, was bought from Leda Holdings late last year and developed by developer Geoffrey Booth, the CEO of B Global (Aust) Pty Ltd
“The Junction is a master-planned, gated community providing accommodation for 118 two- and three-bedroom villas and townhouses,” he said.
“We’re very excited to celebrate the construction program and look forward to delivering this fantastic project.”
The project site comprises 4.8 hectares adjacent to the Riverlink Shopping Centre, on the banks of the river. Already 80 townhouses have been sold.
“We are also very excited to incorporate Special Disability Accommodation villas (SDA) under the National Disability Insurance Scheme (NDIS) ….” he said.
All villas will be single occupant homes.
He said sales demand had been “very high” with its proximity to Riverlink and the $250 million Nicholas Street Precinct contributing to its appeal and the ongoing work to improve access across the river.
“On the back of that, we’re releasing stage three and we’ve already gotten some very strong interest.”
The starting price for villas will be $446,000 amid expectations that it will sell out in the near future.
“Council has done an outstanding job rejuvenating the city centre and that provided the confidence for us to accelerate the additional projects we have planned for the area,” Mr Booth said.
He also revealed that they were eyeing additional sites in conjunction with Leda which will be their flagship project: an 896-unit Build to Rent development.
“We’re delivering that into an area in desperate need of accommodation. We’re pushing hard and working very co-operatively with the council and their planning offices to achieve a greater outcome for here.”
Build To Rent (BTR) allows tenants to lock in long-term rental agreements rather than the traditional six- month term. Rental increases are linked to CPI so tenants can budget for housing costs.
BTR projects are held under one ownership structure and operated by a central management company, offering rental units to the market for 15 years.
According to Mr Booth, some units will be categorised as affordable housing for essential workers such as emergency services staff.
“A project of this scale will provide hundreds of jobs during the construction phase but, more importantly, long term rental accommodation,” he said.
“With Ipswich rental vacancy rates at a 10 year low this project needs to be accelerated to help reduce the housing crisis now, not just the predicted future demand.”
Mr Booth said North Ipswich was key to supplying housing to sustain future growth and provide the residents to drive the CBD redevelopment
“We’re paying $$million for infrastructures services like parks, sewerage, water and community facilities. We paying ongoing fees for planning applications and inspections “
Mayor Teresa Harding said it was “amazing” that 80 units had already been sold.
“Council’s latest data shows that close to 350 new homes were completed in the first three months of this year. That’s nearly four houses a day for every day of the week during that quarter.
“This is a clear sign that the demand for affordable and quality housing in Ipswich, and The Junction will play an important part in meeting that demand from people who have discovered the lifestyle here in Ipswich.
“This masterplan gated estate will help take the pressure off a tight housing market here in Ipswich and created affordable homes for all those in the community.”