GOLD Coast listed company Villa World has entered into a joint venture to develop a $135 million, 830-lot housing estate at Hervey Bay.
Villa World is joining forces with the privately owned Townsville-based Honeycombes Property Group to develop an 80ha site once used for cultivating sugar cane and cattle grazing.
Villa World has a 75 per cent stake in the project with Honeycombes Investment Group contributing 25 per cent.
Earthworks are expected to start early next year.
Villa World chief executive Mr Brent Hailey said the company was excited about its first foray into the region and also working with a company that had extensive experience in regional development.
``We anticipate the project will be a landmark, master-planned estate that will offer residents all the advantages of living in a thriving, beachside community,'' said Mr Hailey.
Honeycombes Property Group managing director Peter Honeycombe said Australian Bureau of Statistics indicated Hervey Bay had recorded the second highest growth of any regional centre in Australia - 5.9 per cent - between 2003 and 2004.
He said it also had the second-highest projected population growth in Australia.
``The combination of Hervey Bay's high population growth and the region's growing population with retirees - Australia's fastest-growing demographic - will drive the success of this project,'' he said.
Villa World has about 14 projects in various stages of planning or construction including two other joint venture projects: the Surfers Paradise Dolphin Arcade redevelopment and the 2900-lot Eynesbury township project in Victoria.

Gold Coast Bulletin, 2 Dec 2005