Queensland’s Labor government has called in its first property development since being elected, with listed developer Cedar Woods’ Upper Kedron master-planned community to be re-assessed.
Deputy premier Jackie Trad said the development needed to strike a better balance with the community that forms part of the electoral seat that voted out former premier Campbell Newman.
However the move to call in the development, which has previously received local, state and federal environmental approvals, may send the wrong message to Queensland’s developers.
This time last year Cedar Woods completed a $25 million placement and moved to acquire the $68 million Upper Kedron site that includes 1000 lots, 13 kilometres west of Brisbane’s city centre
VALUE MAY BE REDUCED
Cedar Woods managing director Paul Sadlier said any delays or changes in the approval of the development could reduce the project’s carrying value.
“Cedar Woods has previously lodged a submission with the Deputy Premier that reinforces the planning credentials of the proposed development, including that it is a low-density project that will turn heavily cleared, farming land into a master-planned, village-like community,” Mr Sadlier said.
Property Council of Australia Queensland executive director Chris Mountford said he recognised that the Cedar Woods development was part of an election commitment made by local Labor candidates.
Shadow Planning Minister Tim Nicholls said Ms Trad was “riding roughshod” over local decision- making.
“The size of the project has been significantly scaled back in line with community concerns and it was approved subject to more than 550 conditions.”
“Today’s decision adds to the uncertainty that is already evident out there,” Mr Nicholls said.
A decision is expected from the minister’s office in late June.
Cedar Woods share price remained unchanged at $5.30.
by Matthew Cranston