BALLINA-based company Clarence Property has snapped up the Pacific Pines development site at Lennox Head for the bargain price of $15 million.
In 2007, landowners Bob and Judith Pidcock sold the 80-hectare site to Petrac for $57 million, but the Royal Bank of Scotland appointed receivers the following year.
It went back on the market in 2009.
Despite failing to attract a buyer, the bank forged ahead with development plans and in 2012 it appointed Lend Lease as the development manager.
Clarence Property has now bought the site, with settlement taking place last week.
Pacific Pines is an approved, seven-stage residential and commercial development which will house more than 1700 people.
It will include 480 homes, 300 retirement units, medium density housing and a shopping centre.
Stage 1A - which already has construction certificate approval - will have 51 residential lots, while Stage 1B will include the supermarket and retirement village.
Clarence Property is forecasting the gross sale value at $95 million.
Executive managing director Peter Fahey said it was an exciting time.
"We've been looking at this site since 1998," he said.
"We're hoping to start works on the site mid next year and, potentially, the first stage could be ready for building on in 2016."
Mr Fahey said his company "waited for the right time" to buy Pacific Pines, and he said they were particularly keen to develop the supermarket.
He said major chains had already expressed interest in the site, and he said he believed it would be a good thing for Lennox Head.
"We're locals; we've been here a long time," he said.
"I think the Lennox village can only be strengthened by this development."
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