QUEENSLAND property developer Villa World and Honeycombes Property Group have combined to buy a former cane farm at Hervey Bay for between $25 million and $30 million.
The property will be developed into a residential subdivision of 830 lots.
Peter Honeycombe said yesterday he believed the development would have an end value between $300 million and $350 million.
Mr Honeycombe said the property was about 2km from the beach.
``We have been looking at Hervey Bay for some time and when there was an opportunity to do a well presented masterplanned estate of critical enough mass in Hervey Bay, we felt it was important we bought to the project someone with a record of delivering house and land packages,'' he said.
Villa World has a 75 per cent stake in the project with Honeycombes Investment Group contributing 25 per cent.
Mr Honeycombe said Villa World would play a role in the delivery of house and land while Honeycombes would co-ordinate the planning.
Earthworks on the project are expected to start early next year.
Villa World CEO Brent Hailey said the company was excited about its first foray into the region. He believes it will become a landmark master-planned estate.

Courier Mail, 2 December 2005