THE ONCE thriving Terranora Lakes Golf and Country Club estate at Bilambil Heights, which has fallen into disrepair, is set for one of the largest single investments in the Tweed Shire’s history.
More than a billion dollars is set to make the hilltop site a shining beacon once more for the Tweed community.
The Weekly recently undertook a site visit with Wilson Property Group Director, Randal Wilson, who is selling across both the former Terranora Estate and the renamed Tweed Grandview Terraces next door.
The club is mooted for demolition and will make way for the 184-hectare site to accommodate 1,600 residential dwellings including plans for a supermarket, retail centres, medical services, retirement homes and an aged care facility.
Locals often recount fond memories of the former Terranora Lakes Country Club, which closed in 1996, and offered a 18-hole golf course with stunning views to both the Tweed Coast and Tweed Valley.
While the Country Club will make way for the new residential and retail hub, Mr Wilson said it would herald a new and more modern chapter in the site’s lengthy history as well as signalling an “investors dream” for future prospects. The site is being marketed by Colliers International and Wilson Property Group.
Mr Wilson told The Weekly the announcement of the new revamped “showstopper” Terranora residential precinct comes alongside a multimillion-dollar sales and upgrade program for the former Royal Terranora Estate, which is next door to the former country club.
The name Royal Terranora Estate has been replaced with Tweed Grandview Terraces; to differentiate the property from the adjoining Former Terranora Lakes Golf and Country Club estate, being offered for sale as a master-planned community by Brisbane developer, Godfrey Mantle, and covering 184 hectares.
Full Tweed Shire Council approvals and title for the rebranded Tweed Grandview Terraces have been finalised, allowing the owner, publicly listed Eureka Group Holdings, to proceed with conditional apartment sales and recent capital improvements on stage one of the estimated $30 million project.
“A total of 60 studio, one-and-two-bedroom residential units covering the 2.04-hectare site, which have been given a significant facelift by Eureka, have been granted title,” Mr Wilson said.
“Prices start from as low as $135,000. Refurbished two-bedroom units have just sold recently for $335,000 and $350,000 respectively.
“Whilst this property started its life as a timeshare resort, recent refurbishment and landscape improvements have led to the creation of wonderful residential real estate perfect for rentals or owner-occupiers.
“The iconic property has undergone a makeover of several million dollars and further large-scale capital improvements are planned in the next stage.”
Mr Wilson said the shortage of well-priced housing stock in the Tweed Shire and Gold Coast, along with strong growth in infrastructure, has created a need for well-priced and ideally situated projects.
Eureka Executive Chairman, Murray Boyte, also believes Tweed Grandview Residential delivers the best value on the Gold Coast/Tweed Shire border region.
“We’ve worked hard at Grandview Terraces to create a new look and identity for our development,” Mr Boyte said.
“We have changed perceptions that what we are selling is retirement living stock or time-shared.
“This is certainly not the case. We are selling individually titled units at prices below replacement value.
“There will be no retirement living stock or time-share property in the Tweed Grandview Terraces property complex.
“The new identity is a rejuvenation of the development which is in line with the injection of funds we have committed to deliver quality, affordable stock close to the ocean and the mountains.”
Mr Wilson said more than $5 million worth of expressions of interest have been received from owner-occupiers and investors whilst the titling process has been underway with the Tweed Shire Council.
“We are now busily converting these EOIs into binding contracts and settlements,” he said.
“There is significant interest in this ‘Own Now and Live in Later’ style product situated in this elevated, private, pristine and peaceful district – the very keenly priced Tweed Grandview terraces will satisfy this demand with some units showing 6 per cent plus returns.”
Tweed Grandview Terraces immediately adjoins the huge approved master-planned project, being the former Terranora lakes Golf and Country Club Estate that Mr Mantle purchased more than 20 years ago.
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“It has a Major Projects Approval (MPA) from the state government and the completed value of the project will be well more than a billion dollars,” Mr Wilson said.
“The Terranora precinct is set to become the pre-eminent residential community for the Tweed Coast area anchored by the Tweed Grandview Terraces project and the MPA approved adjoining master-planned community.”