Factory lots snapped up
INVESTORS have been giving Murwillumbah a huge tick of approval, pouring millions of dollars into land in the town's new industrial estate.
The marketing agents for Tweed Valley Enterprise Park, a huge industrial estate being developed in Wardrop Valley east of the town, says the first four stages have sold and buyers have signed up for half of the six $1.4 million and $1.5 million blocks in stage five.
Some local investors who snapped up the first smaller 22 lots are now forming syndicates to buy some of the larger lots, according to Tweed Property Sales investment division manager Chris Chrisostomos.
But he said large companies including one factory owner looking to relocate from southern New South Wales were also interested in the larger lots of about two hectares.
And an advertising campaign targeting companies in Brisbane and Sydney is yet to start. A website www.tweedindustrial.com has just been launched.
Mr Chrisostomos said bulk earthworks which have so far seen rolling country bulldozed to create level factory sites were expected to be completed after Christmas with work then commencing on infrastructure such as roads and drainage.
Last month Mr Chrisostomos revealed local investors and factory owners looking to upsize and relocate had "gobbled up" the smaller lots in the first stage of the estate which is set to transform the economy of Murwillumbah.
Each industrial lot is expected to create at least ten new jobs directly.
The industrial development comes on top of a residential real estate boom in the town which had seen at least 250 new housing lots built on in the last 18 months, with another 500 lots in the pipeline.