Diversified property investment house CFMG Capital has acquired a 10.35 hectare site in Logan Reserve, in the Brisbane to Gold Coast development corridor.
The $10 million holding (pictured above and below, outlined) has the potential to be subdivided into about 186 lots.
CFMG Capital will integrate the School Road site into its neighbouring 8.47 hectare Middleton Park estate, which is taking shape.
Following the acquisition, CFMG has 336 lots in the pipeline at Logan Reserve.
CFMG Capital general manager Andrew Thomson said the School Road acquisition “provided the opportunity to scale the existing Middleton Park project and expand its exposure to the Logan growth area”.
“We are very confident about the Queensland market, particularly the Brisbane to Gold Coast corridor,” Mr Thomson said.
“Having an established project and brand in the market, a sales office in place and construction of early stages complete it made sense to take this opportunity to expand the project.
“Many of our projects are surrounded by existing infrastructure and still very affordable at a price point”.
The Middleton Park project currently offers land from $179,000 and house and land packages from $369,500.
“As the market improves, we expect demand for these in-fill projects to increase.”
CFMG Capital has a pipeline of more than 1,000 lots across 10 different projects in Queensland and Victoria.
The 4.94 hectare Park Ridge site, bordered by Koplick and East Beaumont roads, is permitted for an 89-lot subdivision with an average land size of 373 sqm.
In Melbourne, CFMG Capital controls a 17.3 hectare block at Strathtulloh, between Rockbank and Melton, being marketed as a 303-lot housing estate, The Millstone.
Mr Thomson said all CFMG Capital site acquisitions were required to meet strict criteria.
“The team at CFMG Capital takes great care to identify prime land for our projects and there is no doubt this new site fits the bill, particularly given the demand for quality affordable projects in strong growth corridors continues to rise.”
CFMG Capital operates two core divisions:
- a residential communities development division, and
- a residential funds management business which has raised more than $100 million in third party equity.