Works on a 4.5 hectare sporting complex have begun at the Epiq development site in Lennox Head, as owners of the site, Clarence Property, continue their run of economic success.
The site formerly known as Pacific Pines was purchased for a mere $15 million in late 2014, and after selling the first 51 blocks for $11 million earlier this month, the company is well on track to make their money back – and then some.
Epiq will eventually compromise 480 homes, a shopping centre, a retirement village and a sports field. And with a gross value believed to be close to $100 million, Clarence Property are set to make a profit of $85 million.
General manager Paul Rippon believes that the development is an investment in the future of the Lennox Head community.
‘Clarence Property’s plan is to help Lennox Head grow as a multi-generational community, and to do this we need to invest in local infrastructure and amenities,’ he said.
Following the highly successful first stage release of homesites, the second release of the next 50 blocks has been sped up to early 2016.
Mr Rippon believes that the start of the work on the 4.5 hectare sporting complex will increase interest in the second release even further.
‘The first release of homesites sold out within days and I expect there will be even more demand now that prospective residents can see Epiq starting to come to life,’ he said.