Ausbuild buys outer-north Brisbane housing site
Ausbuild – a 51 per cent stake in which sold last month to Sekisui – has added another residential development site to its south-east Queensland pipeline.
The Brisbane-based developer has paid $6 million for 41 Blewers Road, Morayfield, following an off-market deal.
A 29-lot subdivision is planned for the two hectare parcel, with blocks between 318-436 square metres.
The land abuts an established residential estate in the Moreton Bay growth corridor.
41 Blewers Road
The purchase price equates to about $206,897 per proposed lot or $300 per sqm.
The deal comes nine months since realestatesource.com.au reported Ausbuild paid $10.1m for a 2ha site at 34–36 Oxford Street, Joyner, permit-ready for 74 townhouses.
Two months earlier, it outlaid $15.29m for a combined 2.18ha at 260 and 280 Ridley Road, Bridgeman Downs.
That site had approval for a 33-lot subdivision.
Last October, it spent $40m for a 13.9ha holding at Chambers Flat, in Logan, with approval for a 141-lot estate (continues below).
Also late last year, Ausbuild also bought a 64.74ha masterplanned community site at 58–116 Coleman Road, South Ripley, for $45m.
Ray White Special Projects Queensland’s Matthew Fritzsche and Christopher Czernik-Wojcicki marketed 41 Blewer Rd.
Japanese group takes stake
Ausbuild was established in 1988 by Ron Loney and Graham Bell.
In south-east Queensland, It has developed about a hundred communities and built more than 10,000 homes.
Last month, realestatesource.com.au reported Japanese manufacturer Sekisui Chemical agreed to pay $335m for a 51 per cent stake, valuing the business at about $670m.
Settlement is expected in January.
Ausbuild’s existing owners will retain the remaining 49pc, with the business continuing to operate from Brisbane.
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