A 5.75-hectare site on Hobart’s Eastern Shore has hit the market after a decade of planning, with an estimated potential yield of up to 200 homes.
Mornington Park Estate, spanning three titles on Cambridge Road, Mornington and Pass Road, Cambridge, is being sold by Ray White Commercial Tasmania through expressions of interest closing on September 3.
The site is being marketed as one of Hobart’s “most development-ready residential sites”, with a council-endorsed Specific Area Plan, Stage 1 subdivision approval and a pre-commitment from Clarence City Council.
The sales campaign describes the property as “a decade of planning, delivered”, with planning and infrastructure work already completed across the site.
Clarence City Council approved the rezoning and planning scheme amendment for the site in July, subject to final approval from the Tasmanian Planning Commission.
The proposed rezoning would change the land from Rural Living B to General Residential, Local Business and Open Space.
The Specific Area Plan provides an estimated yield of between 150 and 200 dwellings, while a structure-plan scenario provides for 112 dwellings.
As part of Stage 1, council has negotiated to acquire 2123 square metres of land in addition to the development’s required 5% public open space.
The agreement represents a pre-commitment equivalent to seven lots or 10 dwellings at market value, subject to final project approval.
A five-stage infrastructure plan covering roads, stormwater, sewer and utilities has been designed across the site by engineering firm JMG.
Stage 1 subdivision approval has also been granted, with works able to commence once the TPC gives final approval and a three-year completion window applying to the stage.
Two leased dwellings on the balance of the site provide holding income of about $62,900 a year during the approvals and early works phases.
The sales campaign says the site offers flexibility for a future purchaser to redesign lot configuration, density and housing mix across later stages rather than being locked into the submitted masterplan.
The property is being sold through expressions of interest, closing at 4pm on September 3.
Clarence City Council is projected to add more than 12,000 residents by 2053, according to TasPOPP projections.
