A NEW 4800-home Coast housing estate is being driven ahead thanks to about $14 million in loans to the developer to deliver major infrastructure.

AVID Property Group general manager Bruce Harper said the latest loan – a $5 million cash injection from the State Government’s Catalyst Infrastructure Program – had helped kick off major water and sewage works on the 378ha Palmview site.

Mr Harper said the interest-free loan successfully applied for by AVID would be repaid within the first five years of the development’s 15-year construction time frame.

AVID is spending about $50 million to start the project, with major infrastructure, including sewage and water, having to be built across the whole site, not just the first-stage section.

A $9 million loan from Sunshine Coast Council is also helping construct the major entry road to the site – Peter Crosby Way – which Mr Harper said had been the most expensive access route.

That road is now about 75% complete.

Mr Harper said the loans had helped reduce AVID’s financial risk exposure in getting the development construction-ready, and repayments would be paid by future revenue.

He said the funding had also sped the project up, with key infrastructure works set to finish by September, allowing the sales office to open, while works were also continuing on roads and bridging.

With less financial exposure Mr Harper said it meant lots could be produced at a cheaper price.

Mr Harper said all 43 display village lots had already been sold while the majority of the first 100 lots had also been snapped up.

Considering site access was still limited while works are carried out, Mr Harper said he was pleased with the response from the market.

“It just means there’s confidence in the market there and confidence to get the next stage out,” Mr Harper said.

“It’s very encouraging.”

Source – Sunshine Coast Daily

About Harmony

AVID Property Group’s $3billion project – Harmony – is strategically located in the heart of the Sunshine Coast and is the largest masterplanned community underway in the Palmview area.  Set on 378 hectares, Harmony will deliver more than 4,800 homes for 12,000 future residents, catering to a wide range of buyers – all enhanced by 100 hectares of open space and the future delivery of a 15,250 GFA Town Centre.  More than 9,000 short-term jobs will be generated through the delivery of the project.

Harmony’s design embraces the Sunshine Coast’s enviable lifestyle and living at Harmony means it’s easy to get around. Harmony is conveniently connected to the Bruce Highway and the Sunshine Coast Motorway, and Mooloolaba is 10km and Maroochydore 14km to the north, the coastline is only 7km to the east, Brisbane is 90 km to the south, and the Sunshine Coast hinterland is only 20kms to the west.

View development website: www.harmonyliving.com.au

About AVID Property Group

AVID Property Group undertakes industrial and residential development in key growth corridors across Australia. With a pipeline value of $3 billion, our developments encompass broadacre and infill subdivision, incorporating more than 8,500 residential lots and over 640 hectares of industrial land.

AVID Property Group strives to deliver sustainable, community based projects that are progressive and of high quality and well serviced by transport, infrastructure and amenity. Led by highly experienced senior management and development teams with a broad range of expertise, AVID Property Group is able to add significant value at each stage of the project lifecycle. With a record of forming strong relationships, particularly with joint-venture partners, AVID Property Group is committed to extending existing business relationships and developing new opportunities with like-minded individuals, organisations and government.

Figures current as at September 2016