Latest news with #landbanking
Yahoo
26-07-2025
- Business
- Yahoo
Developers accused of 'immoral cash grab' over housing land in County Durham
The Northern Echo has been running a series of articles into the state of housebuilding across the region. In one of his final pieces, Patrick Gouldsbrough looks at the issue of 'land banking'. Developers have been accused of an 'immoral cash grab' when it comes to banking up land and building on it when it's most profitable in County Durham. Amid mounting resident frustrations and a string of unfinished developments across the region, local politicians are calling for national law changes to force developers to build the homes they've promised or risk losing planning permission altogether. 'In Durham, we are actually at a point where we have a surplus of approved housing developments,' said Alex Neil, Liberal Democrat councillor for Langley and Esh. 'We have the houses we need locally and are meeting current national house building targets despite approving many more developments than said target. Alex Neil, Liberal Democrat councillor for Langley and Esh (Image: DURHAM COUNTY COUNCIL) "We are now at the point where the national targets are going up. "This is going to mean excessive house building for our local needs and would likely lead to housing developments being accepted where they aren't at the same quality as some of our other developments in recent years.' Mr Neil has also highlighted what he describes as a "broken national planning system" where councils lack the authority to ensure the timely completion of developments. 'Unfinished housing is a key concern of the council and is a major issue that needs a solution. "As it stands, national law prevents councils, such as Durham, from forcing the building of houses once approved." A housing estate site (Image: SARAH CALDECOTT) "Our local Lib Dem councillors are keen to see national legislation changed to allow councils like ours to force builders to construct their planned developments in a timelier manner or risk the removal of their planning permission,' he said. 'The banking of land to wait until houses will be more profitable is not just an issue to meet housing requirements, but is also an immoral cash grab from large corporations. 'This response represents the stance of me and my Liberal Democrat colleagues on Durham County Council as Durham's official opposition party." In response to accusations of the practice of land banking, Colin Willetts, deputy managing Director at Homes by Esh, said: 'I can confirm that Homes by Esh does not land bank – our process is to commence work on developments as soon as planning permission is granted.' Colin Willetts, deputy managing Director at Homes by Esh (Image: HOMES BY ESH) Other housebuilders have also denied that land banking is part of their practices. The Home Builders Federation (HBF), which is the representative body of the home building industry in England and Wales, has also denied that it uses the practices across the UK. A spokesperson for the HBF said: 'Repeated independent investigations have concluded that house builders do not land bank. "Having made a significant investment in land and navigated the lengthy and costly planning process, there is absolutely no benefit in delaying construction and getting a return on investment by selling homes. "There is often a misunderstanding of the various stages in the planning process, but until developers have an implementable permission, which can take years from when an initial outline permission is granted, no work is allowed to start on site.' Councillor Chris Lines (Image: SARAH CALDECOTT) Elsewhere in County Durham, in the town of Sedgefield, which has seen its population surge by over 30 per cent in the past decade, Councillor Chris Lines warns that runaway development is placing unsustainable pressure on infrastructure and community identity. 'They're changing all the time,' he said of local and neighbourhood plans. 'We're in danger of places growing at such a vast rate that the supporting infrastructure simply can't keep up.' He added: 'Yes, it's positive to see new families, vibrant businesses, and homes for young people. But we must ask: at what cost?' Cllr Lines cited unfinished roads, schools at capacity, and merging town boundaries as signs that growth is now outpacing planning. The Taylor Wimpey Eden Gardens estate in Sedgefield, County Durham (Image: SARAH CALDECOTT) Using the sprawling Wynyard development as an example, he cautioned against the 'join-up' risk, where distinct towns blur into one another due to vanishing green buffers. 'We need to protect the shape and identity of our places,' he added. 'Growth should never come at the expense of community character.' His concerns echoed issues seen across the Eden Gardens estate in Sedgefield. 'People have moved in, yet the footpaths and parts of the road network are still incomplete,' Cllr Lines said. 'It's a classic story. Residents are left in limbo while councils can't adopt the site because the basics simply aren't finished.' Story Homes' 59 house development in Blackwell, Darlington (Image: SARAH CALDECOTT) In neighbouring Darlington, a pattern of delayed completion and deteriorating trust between developers and residents is playing out in multiple neighbourhoods. At the 59-home Carmel Road South estate by Story Homes—where homes sell from £520,000—residents have raised serious safety concerns over what they call 'dangerously unfinished' roads and pavements. Despite the final home being completed in April, basic infrastructure remains incomplete. The Central Park North development in Darlington (Image: SARAH CALDECOTT) The developer blames 'unforeseen technical challenges and ecological requirements,' but assures residents that it is 'fully committed to completing the outstanding works.' In Central Park North, a Keepmoat development launched in 2015 with plans for 350 homes, residents say the estate still resembles a construction site. Safety fences, patchy roads, and unkept green spaces mar what was supposed to be a flagship project. Bellway's housing development in Hurworth, near Darlington (Image: SARAH CALDECOTT) Keepmoat insists it remains 'committed to completing their work on the site in the coming months.' In Hurworth, Bellway Homes faces intense criticism from Cllr Lorraine Tostevin, who called the estate 'a disgrace' six years after its construction began. Unfinished footpaths and roads, she says, are particularly hazardous for disabled residents. Read more: Echo Comment on incomplete Darlington estates Darlington estate is 'complete mess' with 'accident waiting ... New rules could see housebuilders who leave sites unfinished ... Central Park North, Darlington "massive joke," say residents Bellway claims it is now addressing the issue 'as a matter of urgency.' And in Heighington, Bellway's Meadow Rise development has remained in limbo for more than two years since the final house was sold. 'People have paid upwards of £250,000 for their homes. They rightly expect better, not years of delay and a landscape of broken promises,' said Cllr Gerald Lee, who covers the area. Bellway now says it will begin 'adoption works' on July 21, with completion expected within four weeks.
ABC News
06-06-2025
- Business
- ABC News
From celebrity hideaway to feral goat problems: What's next for these derelict island resorts?
Derelict Queensland island resorts that were once playgrounds for the rich and famous are facing a state government takeover, amid frustrations they have been used for land banking. Premier David Crisafulli has issued his strongest warning yet to the owners of the crumbling island getaways — some of which have been left to rot, overrun by weeds and feral goats — saying it was now the time to "use it or lose it". The Queensland government's bid to reclaim what were once the crown jewels of the state's tourism industry is part of a plan to revitalise the sector and double spending on tourism to $84 billion annually by 2045. Mr Crisafulli has accused some operators of "land banking" — holding onto prime sites without investing in them, while waiting for land values to rise — and said the Department of Natural Resources had begun issuing notices to those not doing the right thing. "These are assets that belong to the people of Queensland. I'm just not comfortable that in many cases, international corporations come in, buy the rights, sit on it, and just see an appreciation in its value," Mr Crisafulli said this week. The government can cancel or reclaim leases if operators fail to meet their obligations. At the top of the government hit list is Double Island off Cairns, once a celebrity hideaway for the likes of actors Jennifer Aniston and Brad Pitt. It has now become an uninhabitable mess. Last year, the then-Labor state government took the unprecedented step of launching court action to strip a Hong Kong-based developer of the lease, following years of decay and public access disputes. The current government is now preparing to sell the 19-hectare island, but it will not simply go to the highest bidder — the state wants a buyer with the financial and managerial muscle to return it to its former glory. Across the Great Barrier Reef, once popular tourism destinations are now scarred by dilapidated infrastructure and environmental degradation. A 2024 parliamentary inquiry found high operational costs, cyclone damage, and a lack of lease compliance enforcement had left several island resorts in disrepair — including those on Great Keppel (Woppa), Hook, South Molle, and Lindeman islands. Brampton Island, near Mackay, was sold to United Petroleum in 2010 for $5.9 million. Today, its oceanfront pool lies unused, filled with sand. The 1980s party paradise, Great Keppel (Woppa) Island, off the central Queensland coast, is currently battling a feral goat problem. Keswick Island, just off Mackay, has faced stalled development and restricted public access for years. The island's lease has been held by Chinese-owned Oasis Forest Ltd since 2019. Resident Adrian Hayne said unreliable access had made life difficult. Mr Hayne said a failed 1990s plan for the island promised a marina, resort and housing. "We've had four separate takeovers of the island and all have been failures." Mr Hayne said he supported stronger government oversight of island leases. "Selling the islands is one thing, but making sure things get done is a whole other ball game." Island broker Hayley Manville has sold half a dozen tropical islands, including Long Island, Palm Bay, Lindeman and Daydream. Now she has begun marketing Double Island on behalf of the Queensland government and said interest was at an all-time high. "You get a mix [of potential buyers] — billionaires, high-net-worth individuals, offshore investors from Singapore and Dubai, even not-for-profits looking to turn an island into a wellness retreat or rehab centre," Ms Manville said. "Islands tend to draw in dreamers. We get a lot of inquiries, but a lot of people mix up ambition and ability. She said Australian buyers had become more active since the COVID-19 pandemic. "Australian investors have realised there's a real shortage of luxury resorts — and those are the ones that tend to thrive on these islands." Australian businessman Christopher Morris has recently spent tens of millions of dollars reviving run-down resorts in north Queensland and said island tourism was anything but simple. "It probably costs double to run a resort on an island compared to the mainland. You've got no utilities. Power, water, waste — everything — has to be generated or brought in," he said. Mr Morris bought Pelorus Island near Townsville just over a decade ago and said he had spent upwards of $25 million on refurbishments, including a solar installation and backup generators. Guests now pay $18,500 a night for the entire island. He then bought nearby Orpheus Island in 2017. A night there starts at $2,000. Mr Morris said it had taken years to see a return. "You're probably looking at three years before you make any money. It's about building the brand, getting overseas visitors, and working with travel agents," he said. Mr Morris said he linked his properties with private boats, helicopters and other tourism experiences. The billionaire said he had his eye on Double Island and had submitted an expression of interest for the site. He said the state government could do more to support credible island resort operators and pointed to insurance costs and red tape, such as complex approval processes and infrastructure challenges. As the billionaires circle, Keswick Island resident Adrian Hayne said he would like to see the islands remain open for everyone to enjoy.
Daily Telegraph
29-05-2025
- Business
- Daily Telegraph
Ampol launches national petrol station portfolio across five states
Fuel retailer Ampol, previously called Caltex Australia, has put a national portfolio of 13 development sites up for sale following a review of its petrol station network. The portfolio – worth about $20 million plus – comprises three sites in Queensland, three sites in South Australia, four sites in Victoria, two sites in Western Australia and one in New South Wales. The sites range in size from just 1,265sqm – a commercial site in Tumbarumba, NSW, to up to 3073sqm in Gilles Plains, SA. Other locations include St Georges, Kearnys Spring and Portsmith in QLD, Stepney and Prospect in SA, Wangaratta, Portland, Euroa and Wendouree in VIC, and Katanning and Moora in WA. The nationally distributed portfolio comprises a mix of metropolitan and regional locations and comes with a range of zonings that will allow for varied development outcomes, including housing, fast food, service centres and retail development. Each site is strategically positioned with excellent road visibility and access, often in major traffic corridors or key urban intersections. 'This portfolio represents a rare opportunity to acquire well-located land in tightly held locations, whether for immediate development or strategic land banking,' Cushman & Wakefield's National Director and Head of Investment Sales Daniel Cullinane said. 'Given the scarcity of prime arterial sites and the continued strength of convenience retail and service-based assets, we expect this opportunity will appeal to developers seeking shovel-ready or strategically positioned projects, owner-occupiers chasing high-exposure sites, and investors looking to land bank quality real estate in growth corridors. 'All at a time when demand for prime metro and regional locations is being fuelled by infrastructure investment, population growth, and the ongoing push for last-mile and convenience-based solutions. It is understood Ampol had intended to develop the sites into future petrol stations with market sources estimating the portfolio's worth around $20m plus. Ampol last listed petrol station sites for sale in 2022, when it sold off 17 vacant sites from its national collection. Current properties for sale are as follows. QUEENSLAND 104 Victoria Street, St George Size: 3,041sqm 875 Ruthven Street, Kearnys Spring, Size: 2,133sqm 30-36 Kenny Street, Porsmith Size: 1,727sqm SOUTH AUSTRALIA 101 Magill Road, Stepney Size: 1,758sqm 204-208 Main North Road, Prospect Size: 2,992sqm 846-848 Grand Junction Road, Gilles Plains Size: 3,073sqm VICTORIA 79 Reid Street, Wangaratta Size: 1,933sqm 182 Percy Street, Portland Size: 1,628sqm 38-40 Clifton Street & 25 Lewis Street, Euroa Size: 2,625sqm 921 Howitt Street, Wendouree Size: 1,876sqm WESTERN AUSTRALIA 152-154 Clive Street, Katanning Size: 1701sqm 96 Gardiner Street, Moora Size: 1,770sqm NEW SOUTH WALES 150 Albury Street, Tumbarumba Size: 1,265sqm
News.com.au
25-05-2025
- Business
- News.com.au
Buyers circle market garden as Geelong homes plan develops
Landbankers are sharpening their pencils as market gardeners prepare to sell a within Geelong's western growth corridor that they've owned more than 50 years. The Batesford farm, which has been used to grow vegetables has been listed for sale with price hopes between $2.2m and $2.4m. HF Richardson Newtown agents Tony Hyde and Matt Poustie are managing the expressions of interest campaign closing on June 2 to sell the property at 70 Bridge St, Batesford. Mr Hyde said investors keen to unlock the potential landbanking benefits of holding the property that partially fronts the Moorabool River are proving to be the bulk of the interest in the landholding that's up for sale for the first time in more than 54 years. He said the vendors turned to the agents to sell the property after being the subject of hot off-market interest from groups looking to speculate on the land within the western Geelong growth corridor. There has already been plenty of movement on properties across the northern and western growth areas. Mr Hyde said the property has already been rezoned for an urban growth zone and sits within the Batesford North precinct structure plan area. City of Greater Geelong planners are in the process of developing the precinct structure plan that will ultimately decide how it could be carved up, and rezoned for various uses, he said. 'Future development will happen for all that area that's positioned close to Geelong, Bannockburn and the Ring Road,' Mr Hyde said. 'It's got the upside of residential, probably a little bit of industrial, and because it's on the Moorabool River, it will lend itself to some parks, ovals, everything like that. 'It's an area that will be well sought after once the PSP is ratified,' Mr Hyde said. Landbankers would seek to hold the property, waiting for the final rezoning before on-selling it. 'They're has been a lot of interest in and around there as there's a lot of vacant farmland,' Mr Hyde said. 'They are long-time landholders. They have been inundated with people wanting to purchase the property. 'They've owned it for 54 years, they've run a successful market garden. They're growing vegetables so there hasn't been any interest from them to sell it up until now.' Mr Hyde said most of the potential buyers were around the higher end of the range, cognisant of the interest in the property. 'That's why it is for that land banker, because of that uncertainty of when it will be rezoned. 'But there are a lot of people in the market now, especially with the interest rate cuts.'
