Orchard Property Group has acquired two housing development sites in Brisbane’s outer suburbs for $20 million, as the company expands its portfolio across southeast Queensland.
The Queensland-based developer bought a 2.3-hectare site in Calamvale for $11.25 million, as well as another Caboolture West site to join its existing land holding in the area.
Orchard plans to develop the Calamvale site into a 33-lot subdivision once it has received council approvals.
The developer was expected to lodge its planning application by the end of September and, if approved, was expecting to start construction and release to market by mid-2023.
Orchard Managing Director Brent Hailey said the company was well positioned to bring more developments to fruition across Brisbane and surrounds, as it had witnessed limited slowing in buyer activity across its currently selling land estates.
“Calamvale holds great potential as it is a corridor with extremely limited supply but high demand due to its proximity to the Brisbane CBD,” Hailey said.
“A common solution put forward to rectify the supply shortage of available property on the market is to deliver large volume apartment developments, however, Orchard Property Group recognises these developments aren’t always suited to family living.
“We were attracted to the Calamvale site because we saw great value in its proximity to unsurpassed amenity including schools, public transport, and premium shopping and dining precincts such as Calamvale Central and Sunnybank Hills Shopping Town.”
The newly acquired Caboolture West site was located in the Neighbourhood Development Precinct 1 (NDP1), which was part of a State Government planning strategy to ensure land availability kept pace with population growth and housing demand in southeast Queensland.
The project had been earmarked for a 133-lot subdivision if approved by council and joins Orchard’s first holding in NDP1, which was acquired in 2018 and would comprise 266 lots.
Planning applications for the new Caboolture West site were expected to be lodged by the end of September, and if approved, would see the start of construction and the release to market in late 2023.
“Property values have increased in almost every part of Southeast Queensland, especially Caboolture and surrounds, and we have seen this specifically with the strong sales achieved to date with our neighbouring Narangba development, The Junction,” Hailey said.
“Orchard Property Group see’s great potential in Caboolture as a flourishing regional urban centre with proposed benefits including new health and education centres as well as sport and recreation facilities adding value to the site.
“Located between Brisbane and the Sunshine Coast, Caboolture’s prime location nestled amongst nature and centrally located, will appeal to residents and provide easy access to everything they need now and into the future.”
The acquisitions come after developer Peet took full ownership of its Flagstone City project in Brisbane’s southeast growth corridor after acquiring Spirit Super’s 50% stake for $46.15 million earlier this year.