Queensland Government holds $23 million in homes from redundant resumptions

[#Metro]

http://www.couriermail.com.au/property/queensland-government-holds-23-million-in-homes-from-redundant-resumptions/story-e6frequ6-1225943468418

Queensland Government holds $23 million in homes from redundant resumptions

BY a stroke of good fortune, the State Government is sitting on a property portfolio worth millions because of resumptions made up to 40 years ago.

Nearly 40 homes in the city's inner-north are still waiting to be sold off after having been bought for a freeway which was planned but never built.

Based on the median house price for Wooloowin, the Government will make more than $23 million from the 38 properties. Many of these houses would have cost about $30,000 to buy 40 years ago.

The revelation comes a day after residents protested over the latest resumption plans for the Northern Busway project in Chermside, including one family who had already been evicted for the Airport Link project and now face losing their new home for the busway.

The 38 properties, including three units, are located mostly in Wooloowin and surrounding suburbs near the $5.6 billion Airport Link project. But they were originally resumed or bought in the 1970s for the Northern Transportation Corridor – a surface motorway planned for the inner north.

My question is this: is this site suitable for a TOD??? How close is the busway?

[#Metro]

http://www.landbrisbane.com.au/fullnews.php?storyid=14