Kings Forest Estate Releases First Housing Lots After Decades-Long Planning Process
The Kings Forest Estate, a 900-hectare land parcel on the New South Wales north coast, is now proceeding with the release of its first housing lots. This development follows a planning and approval process that has spanned approximately five decades.
Development History
Located south of Kingscliff, this former farming land was rezoned for residential development in the 1980s. The site's timeline includes:
- Ownership by a Japanese company in the 1990s.
- Being subject to various court proceedings throughout the 2000s.
- Receiving final concept-plan approval from the New South Wales government in 2010.
In August, development company Stockland acquired the site from Leda Holdings for a reported $620 million. Alex Koerber, project director for Stockland, stated that the development is intended to increase housing supply in the region and will incorporate infrastructure such as schools, a commercial centre, and sports fields. The initial release comprises 148 lots.
Land Banking and Market Impact
Tweed Shire Council general manager Troy Green identified the Kings Forest development as an instance of land banking, a practice involving the retention of rezoned land before its market release. Mr. Green noted the absence of explicit requirements for developers to release rezoned land within a specified timeframe and advocated for government planning system reforms to encourage timely market entry.
Former Tweed mayor Warren Polglase observed that the development site changed ownership multiple times, with each transaction generating profit for the involved parties. Mr. Polglase stated that delays in development contribute to market pressure on housing. He cited examples from Salt and Casuarina Estates, where vacant land prices increased significantly, indicating high demand within the Tweed Shire.
Council's Infrastructure Investment
Mr. Green also stated concerns regarding the council's infrastructure investment. The Tweed Shire Council allocated an estimated $130 million to upgrade water and wastewater treatment plants in anticipation of developments such as Kings Forest and Cobaki. Mr. Green noted that these upgrades occurred thirteen years prior to the release of the first Kings Forest lots, expressing a desire for the NSW government to address such timing discrepancies in planning.
Future Projections and Regulations
Kings Forest is projected to accommodate over 11,000 residents, which would increase the Tweed Shire's population by 10 percent. Denise Galle, the council's director of planning, who has been involved with the development for 20 years, described the project as offering diverse housing styles and lot sizes, including some as small as 300 square meters. The development will feature a detailed