Riverside units for sale
THE views are stunning, the apartments stylish but a year after Ron Blyth unveiled his riverside apartments in Maryborough, all six remain unsold. One is leased.
Originally priced between $799,000 and $1.15 million, the apartments were touted as a defining moment for Maryborough – they were the first riverside apartments priced at over $1 million and integral to the city’s urban renewal project.
New South Wales developer Mr Blyth said he was confident the units would eventually sell but admitted they were overpriced.
“I don’t think the global economic crisis has had anything to do with them not selling,” he said.
“Blocks at Cheyne Gardens are selling well – I have some that are either just settled or about to be settled.
“I just think I opened my mouth too wide and have to close it a little.”
Prices were dropped recently to between $650,000 and $950,000.
Mr Blyth said Maryborough was a solid market for property and land sales with a good future.
“It’s well positioned as a strong provincial city with the infrastructure to support future growth.
“Maryborough is listed as a hotspot for future development on Terry Ryder’s Hotspotting website.
“I’ve also been telling people there has to be a jump in house and land prices in Maryborough soon. Blocks can’t keep selling at $125,000.
“Go south down the coast and land is over $200,000; up in Bundaberg it’s $160,000 to $180,000. Even Hervey Bay is $15,000 dearer than Maryborough.”
Mr Blyth has been one of Maryborough’s biggest developers in the past 24 years, completing major projects such as Tinana Greens and Henderson Park estate.
His $30 million marina project behind Hyne’s old timber yard is currently on hold pending the outcome of negotiations with the Department of Environment and Resource Management. The proposed project will hold 80 to 100 vessels.
Two years ago Mr Blyth snapped up more prime land in the Wharf Street precinct including the Waterside Workers Hall and the multi-million block enclosed by Kent and March Streets, opposite Mary River Marina.
With the Riverview on March apartments now holding up funds for further development, he has listed the workers hall for sale, however he is keeping his options open.
“I might develop that yet too,” he said.