Long before the COVID sea change/ tree change, Intrapac Property was ahead of the curve and saw the value and potential of regional development.
The Quay in Torquay, Victoria, was Intrapac’s first foray into regional development. When the team was considering acquiring the land for this project in 2001, a leading land valuer told them they’d be lucky to sell two lots per month.
The Quay, the 59ha, 580 lot development, was launched in 2004 and was followed by its sister development, Quay2, a 46 ha 671 lot project in 2016. These two award-winning communities now house almost 4000 people – a sizeable portion of Torquay’s total population of approximately 18,500 (per 2021 census).
Quay 2 in Torquay along with sister development The Quay is now home to 4000 people.
While most developers have pursued projects close to regional centres since COVID, Intrapac has been quietly identifying quality sites, envisioning and delivering inspiring communities across a range of regional locales across Australia, creating new projects throughout northern New South Wales, Victoria and the Northern Territory. Many of these projects were acquired well before the COVID-19 pandemic and have benefited from the accelerated regional shift it brought about.
In this article, we explore why Intrapac has been successful with its regional acquisitions and look at what’s next for its regional portfolio.
Predicting the seachange phenomenon
Banyan Hill is ideally located 10 mins from Ballina airport and the seaside town of Lennox Head. It is easily accessible to the tourist mecca of Byron Bay and the Gold Coast.
“[Founder & Executive Chairman] David [Payes] was ahead of the curve when it came to picking the shift [to the regions], and it’s a shift that just continues”, explains Intrapac’s CEO Maxwell Shifman, “The logic underpinning The Quay was securing beautiful land in desirable areas amongst the early signs of a demographic shift. Access to employment, services and amenities that would make for a great lifestyle were also key.”
This formula has been applied to further acquisitions, leading the company to northern NSW.
“Our first acquisition in northern NSW was Banyan Hill in Cumbalum. It was an area that was reasonably well-serviced. Still, we could also see the potential transformation that would arise due to the future, now completed, extension of the Pacific Highway”, explained Shifman.
“Now, it’s incredibly accessible from the Gold Coast, which is expanding southward due to fundamental land constraints. Plus, it has an established airport which is likely to continue growing, and is a reasonably sized regional centre. So you have the opportunity for people to work in the local area or the surroundings. And then, you’ve got the amenities and the lifestyle aspects of living near the beach and enjoying beautiful northern rivers. Then it’s a matter of picking the sites within that jurisdiction that give you the capacity to deliver something special.”
Intrapac has followed Banyan Hill with a series of other northern NSW acquisitions, including the now sold out Kingscoast community, an 8.8 Ha, 110 lot development at Cudgen (acquired 2014). Aureus at Skenners Head, a 34 Ha, 330 lot development offering a mix of traditional lots and townhomes has been highly successful and is now final stages of selling, and Terranora, a 126 Ha, 750 lot development in the Tweed (acquired late 2022) which will go to market in 2025.
Terranora in the fast-growing Tweed Heads Region, just 10mins from Coolangatta Airport offers outstanding views of the Pacific Ocean and Gold Coast skyline. The community will go to market in 2025.
What’s next
Further regional projects are planned for New South Wales, Victoria and the Northern Territory.
A new northern NSW project in Bangalow is positioned to contribute to the realisation of the Byron Shire Council’s Residential Strategy, which aims to deliver on the target set by the NSW Government to deliver 4,522 homes for 8,590 people in the region by 2041.
In Victoria, Intrapac has projects in the pipeline in Macedon Ranges and Wangaratta. Glen Junor is a new 217ha project in the Macedon Ranges, near Gisborne, where Intapac has partnered with the landowner to deliver a multi-generational housing community for the Shire.
“Gisborne is earmarked for substantial future growth. It is and will remain the biggest population centre in the Macedon Ranges. Macedon is known for its beautiful lifestyle yet is within easy commuting distance of Melbourne. We’re going through a process right now to see how Glen Junor can contribute positively to the need to address regional housing supply and deliver a modern, walkable community that celebrates the local beauty and heritage and integrates into the existing township”, explained Shifman.
In Wangaratta, the company is undertaking an infill subdivision of 127 lots adjoining the King River. The masterplan features two passive open space reserves and wetlands. Responding to growth in the region, it will go to market in early 2025.
Lloyd Creek will reimagine rural living for the Northern Territory and will deliver a sustainable flagship masterplanned community model not seen in the north of Australia.
Intrapac continues to pursue its largest residential development in the Northern Territory, Lloyd Creek Rural Village, a 2,640 Ha, 4,000 home development south of Darwin. While Darwin is a capital city, Shifman points out that at approximately 130,000 people, it’s smaller than some regional cities in larger States such as Geelong or Wollongong.
“This is a project with a 30-year horizon. Our vision for Lloyd Creek is for a sustainable reimagining of real, rural, Territory living combined with contemporary design and amenities. What we have planned is a unique evolution of the old, traditional rural subdivision models. Darwin homebuyers still prefer the space to build and enjoy their dream home in a peaceful bushland setting. But they also want local access to conveniences like shops, schools and recreation areas. Lloyd Creek Rural Village will provide all this and more, meeting a major untapped need in the Darwin area”, says Shifman.
The regional projects coming soon demonstrate the depth, breadth and diversity of Intrapac Property’s portfolio. They also showcase the company’s DNA; seeking out quality sites, creating a compelling development vision and generating value for purchasers and partners alike.