The impending retirement of Tullimbar Village’s current developer means the project is to be “passed on to someone with fresh energy and enthusiasm to build upon what we have created”.
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The Tullimbar Village site comprises about 89.54ha of land located below the Illawarra escarpment near Albion Park.
Tullimbar has the potential to house 5000 people.
Read more: Calls to speed up Marshall Mount rezoning
The current developer of Tullimbar, Neville Fredericks is retiring and the decision has been made to sell the balance of the project.
The buyer(s) will be able to purchase the remaining undeveloped lots in the Tullimbar Village.
At the age of 73, Mr Fredericks has completed his other projects, with Tullimbar being the final property left in the Miltonbrook Group.
“We have developed and sold over 300 home sites in Tullimbar and have a waiting list of people for the next land release,” Mr Fredericks said.
“A major site in the town centre has already been sold, and we are receiving strong interest from commercial operators wanting to open businesses in the town centre.
“The timing is perfect for the project to be passed on to someone with fresh energy and enthusiasm to build upon what we have created.”
The master-planned development has been under way since 2000, offering both medium density and englobo lot subdivision.
Colliers International have been appointed to sell the remaining undeveloped lots.
The three Village Centre lots have the potential to deliver a low-yielding scenario of 75 terrace houses and 20 shop top housing, but can also deliver a high-yield scenario of 398 apartments.
Both scenarios will also house a supermarket, plus additional retail and a community facility.
The englobo sub-division lot is zoned with potential for 327 lots, including DA approval for the first 30 lots and a Section 96 application which was lodged for 49 lots in June.
An additional 76 lots could also be possible subject to rezoning part of the lot.
Simon Kersten, managing director Wollongong for Colliers International said they were seeking to sell all the remaining land in one piece.
“We’ll look at breaking it up if necessary, but the preference is to sell it in one piece,” he said.
“It’s a successful project right now. Every single stage they’ve built has sold and it’s sold before it’s been finished.
“Everything they’ve planned to build they’ve built, and they’re all sold.
“I believe they’re going to do a small stage of 20 or 30 (lots) in the next six months, and that’s really it. Other than what we’re selling, it’s all sold.”
The sale is via an Expression of Interest campaign run by Colliers. All EOI are to be submitted to Colliers by September 7.
