Epic sales as Lennox Head's new Epiq estate hits market
ALL 51 blocks of land in the first stage of a new residential development at Lennox Head have sold for a total of $11 million.
Ballina-based Clarence Property said its decision to buy the former Pacific Pines estate, now called Epiq, had been "vindicated" by the sales.
Managing director Peter Fahey said most blocks had sold to local first and second home buyers.
Prices ranged from $230,000 to $310,000 for lots between 600sq m and 900sq m.
Mr Fahey said the early success of the development meant the release of the next 50 blocks would be brought forward to early next year.
Epiq will eventually comprise 480 homes, a shopping centre and sports fields.
"The premise for our most recent land acquisitions on the NSW North Coast is the fact that beachside land is in chronic undersupply, despite the market returning to a level where purchasers are willing to pay a lifestyle premium," Mr Fahey said.
Clarence Property's general manager Paul Rippon said they had a long list of pre-registrations for stage one, with two or three names against some blocks.
"People knew there had been no land released in Lennox Head for years and they didn't want to miss out," he said.
"The majority of recent buyers were first time local purchasers, who were our key target market for the first release.
"We wanted to give kids who had grown up in the Lennox Head area a chance to buy into their neighbourhood at an affordable price point and raise their own family there.
"We are now working on the development approval for the next 50 home sites."
Civil work on stage 1b, including the new road to link Montwood Dr and Hutley Dr, will start soon.