Clough Property, a wholly owned subsidiary of Perth engineering-based company Clough Ltd, and listed property company James Fielding Ltd have entered a joint venture to buy a 108ha parcel at Airlie Beach, North Queensland, to develop into 1000 residential lots over 10 years.
Clough Property general manager John Tucker said the project had $A128 million potential sales revenue.
“The topography of the site affords the opportunity to approach the market on multiple fronts as half the site commands a mixture of views out to the Pacific Ocean, with the balance looking out onto the adjoining rainforest. In another plus, the primary road accessing the town of Airlie Beach extends along the north-western boundary of the site,” Mr Tucker said.
He expects development approval by late 2005.
Clough Property completed the nearby Mandalay Peninsula residential subdivision – 17 thickly forested lots with views over Airlie Beach to the Coral Sea & Whitsunday Islands – early this year.
Clough Ltd managing director David Singleton said the project would support the group’s decision to make Clough Property a much more significant contributor to the group’s bottom line. “Clough Property recorded a pre-tax operating profit of $A9.8 million for 20003-4 â€“ triple its contribution the previous year. This result should be more indicative of Clough’s future earnings from property.”
13 October 2004: Mirvac to take over James Fielding, with Paramor at helm