CFMG doubles down in Brisbane growth corridor
CFMG Capital has nearly doubled its low density residential development pipeline in Brisbane’s Waraba growth corridor – snaring a major site from Brookfield.
The 178.1 hectare parcel, 100 Stern Road, Bellmere, set the buyer back $50 million in a deal agreed last July settling last month.
Seller, Brookfield Australia, paid $6m in 2006.
Ray White Commercial’s Mark Creevey and Tony Williams were the agents.
Major estate planned
After infrastructure, and factoring an easement, some 48ha of the Bellmore block is developable (story continues below).
CFMG is planning a 720-lot estate, Ambury, with an end value circling $250m.
Assuming approval this year, the developer aims to release the first stage, with 177 plots, early to mid next year.
Also set to contain some 1.5ha of parkland, the balance of the estate should be built out until c2030.
Elsewhere in the area, part of a master-planned growth corridor formerly known as Caboolture West, CFMG is planning some 800 lots on four parcels recently bought for $32m.
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