Cobaki moves one step closer to fruition
THE massive estate of Cobaki on the Tweed has inched one step closer to fruition, with the approval of a development application for 464 residential lots on the site.
The approval, made last week by the NSW Joint Regional Planning Panel (JRPP), comes more than 30 years after the 600ha site - just west of the Gold Coast Airport on the northern border of the Tweed
Shire - was first earmarked for residential development.
It is the second DA to be approved for the site, with the first DA for around 500 lots approved six years ago.
Leda Holdings, owned by billionaire developer Bob Ell, has been working to get the project off the ground since it acquired the land in 1994. Bulk earthworks have been in progress at the site since 2003.
Leda spokesman Reg van Rij said while the approval was positive, there were still several conditions to be resolved before work could begin on the site.
"A development of this magnitude brings with it a myriad of approval processes involving all levels of government authorities,” Mr Van Rij said.
"This is a normal but very frustrating and long-winded process prior to commencement.
"It's a complex process and the latest JRPP approval took almost two years to achieve.”
Mr Van Rij said the news would be warmly welcomed by the thousands involved in the building industry who live on the Tweed as well as those looking to purchase or build new homes.
"It's common knowledge that Tweed real estate stock is presently at an all-time low and homes are selling within 24hrs of going on the market.”
Mr Van Rij said if everything proceeded smoothly from here, and the Leda board gave a decision to proceed, blocks could be produced as early as 2019.
However, he emphasised no decision had yet been made by the board.
"Leda will go ahead when economic and approval conditions are appropriate.”
Once completed, the township of Cobaki will be home to 14,000 residents living in 5500 homes.