Brisbane-based SKF Development recently commenced construction at their $65 million Baileys Reserve boutique residential community at Upper Coomera, which will comprise 83 townhomes on completion.
Site clearing, demolition and environmental rehabilitation works have now been completed on the 3.09-hectare Baileys Mountain Road site, purchased by Brisbane-based SKF Development in 2022.
Civil works, undertaken by Gold Coast-based Stratum Civil, are due for completion in late 2024, with construction of the first stage of 39 townhomes to commence in early 2025 at this sought-after location in the Gold Coast-Brisbane growth corridor.
Baileys Reserve is now selling off the plan, and SKF Development Director Eric Zhao advised strong demand, combined with a limited supply of new property on the Gold Coast priced under $1 million, has meant that Stage 1 is already over 85% sold.
“These modern two-storey, three-bedroom homes are priced from $788,000 to $813,000, and just five homes now remain for sale”, Mr Zhao said.
“Baileys Reserve enjoys a premium position in the amenity-rich growth corridor between the Gold Coast and Brisbane, supported by a range of established public infrastructure and ongoing strong investment in new infrastructure.”
A recent Upper Coomera market research report prepared by consulting firm, Urbis, found there are 102 infrastructure projects with an end value of around $9.2 billion planned, under construction or completed within the last 12 months in the catchment.
Senior consultant and author of the report, Lynda Campbell of Urbis identified the northern Gold Coast corridor as a hub for growth, predominantly due to high migration into South-East Queensland and affordability compared to other areas of the Gold Coast and beyond.
Ms Campbell said, “The Upper Coomera catchment experienced strong population growth in the decade to 2021, increasing by 5.8% per annum, or 75% over ten years, but as development land supply becomes scarce, the 20 years to 2041 will see growth of 2.4% per annum”.
“Current household size creates demand for 1,163 new dwellings annually to keep pace with the projected population growth of 3,490 new residents each year for 20 years, however, the last two years saw annual average building approvals fall to just 700, falling well below supply required to meet ongoing demand.
“Strong price growth, higher sales activity, and a low residential vacancy indicate an increasing level of demand across the catchment and the suburb of Upper Coomera, which is unlikely to ease in the short term, and highlights a need to shift to higher density living to meet demand from the growing population.”
Close to a range of public and private schools, parks, lakes, shops, public transport, M1 Motorway and a range of employment options, Baileys Reserve will be a place where nature, community and city-style living coexist.
Works are underway to create a large 1,941 sqm conservation park with a 1,290sqm recreational link to nature reserves surrounding the site. There will also be an 8,749 sqm ecological corridor connecting the community’s two communal open space areas with existing nature reserves at the rear of the site.
A sales display centre recently opened on-site, accessed via Kondalilla Drive, which is open by appointment. Visitors to the sales display can view a site plan, price list, range of floor plans and the designer-selected modern-coastal finishes and inclusions.
