Developer Peet has taken full ownership of its Flagstone City project in Brisbane’s southeast growth corridor after acquiring Spirit Super’s 50% stake for $46.15 million. 

The Flagstone project is Peet’s largest community in its portfolio, providing 12,000 homes once completed.  

The estate will feature a 126-hectare CBD and 330 hectares of green space, with plans for health, education and business precincts and a train station. 

The sale comes after Spirit, which was created through the merger of MTAA Super and Tasplan last year, undertook a strategic review of its development portfolio.  

“This acquisition will give Peet 100% ownership of the more than 10,500 remaining lots with a GDV of circa $3.4 billion in Flagstone, in Brisbane’s southeast growth corridor,” said Peet Managing Director and CEO Brendan Gore. 

“Flagstone is a developing asset that is currently generating profits and operating cash. 

“This additional investment is therefore expected to be earnings accretive from settlement.”  

The transaction is scheduled to settle this month.  

Peet will also take over an additional $21 million of debt, representing Spirit’s share of the project’s development loan. 

Last month, Peet purchased about 15 hectares of land in Belconnen in the ACT from the University of Canberra for about $67 million.  

Peet said the site had the potential to deliver more than 1,600 residences through a mix of townhouses and apartments.  

The developer also had an option to acquire a further 6.2 hectares of land from UC from 2027, with the potential to build more than 1,000 additional townhouses and apartments. 

Last month, Spirit Super bought the Parliament Square mixed-use development project in Hobart from the Trawalla Group for about $330 million, marking the state’s biggest commercial property deal.  

The deal was the first for Tasmanian-based Spirit Super since its creation last year. 

The Hobart project featured a circa 17,300 sqm office component, which would be connected to Parliament House and leased to the Tasmanian government until late 2037.  

The sale also included the 152-room Tasman Hotel, which opened last month and is managed by the Marriott Group.