Shares in a major new residential development 58km north of Noosa were snapped up by investors within hours after an investment fund tied to the 19.8-hectare subdivision was launched.
Located just five minutes from Gympie’s CBD, the site was purchased for $13.5m in an off-market deal secured by a Sunshine Coast property developer.
RM Capital, the fund management arm of developer Rafter Myers, launched the investment fund when it settled in mid-April. It plans to fast-track delivery of 199 home sites at the newly acquired Banks Pocket Road, Butler Street and Old Maryborough Road site.
The project comes as the historic town – once defined by gold after James Nash’s 19th century discovery – grapples with rapid population growth and strong buyer demand amid a regional housing squeeze.
With a population nearing 60,000, Gympie is drawing new residents attracted by its relative affordability, proximity to Brisbane and Noosa and a lifestyle which blends regional pace with urban amenities.
RM Capital said the centralised site was well positioned near shops, schools, medical services and major transport links, including the Bruce Highway.
The land is zoned for residential living and rural residential uses.
A development approval is already in place for 184 lots. Stage 1 – comprising 29 lots – began construction the day after settlement. Local contractor Civilivic has been awarded the first stage.
“We are buoyed by having sold 80 per cent of stage 1 before construction commenced via off market relationships,” RM Capital director Josh Myers said.
“This has validated the market acceptance for our product and will allow us to now fast track the commencement of stage 2.”
The fund manager said the rapid take-up by investors and strong pre-sales signalled confidence in the project, which is intended to help ease housing pressures in the fast-growing region.
“We’re excited about the potential of Gympie,” Mr Myers said.
“The town is enjoying significant population and investment growth as newcomers discover its attractions.
“Large numbers of people are moving into the region, many discovering they can work from home and enjoy the benefits of an affordable, quiet regional lifestyle without forsaking any of the attractions of big city living.”
The Gympie subdivision is part of a broader acquisition push by RM Capital, which has secured nearly $40 million in property across the Sunshine Coast corridor in recent weeks. These acquisitions include industrial land in Cooroy and Beerwah, an office block in Minyama, a Caloundra development site and an iconic retail corner block in Mooloolaba.
For more information visit RM Capital.
