CFMG invests again in Brisbane growth corridor
CFMG Capital, directed and chaired by Cromwell co-founder Ross Stiles, has bought the last piece of a former high profile egg farm, in Rochedale, to expand its recently launched Mayfair Lane housing estate.
The 1.14 hectare block with a dwelling at 236 Gardner Road was divested by Robert Bone who has lived there since 1994.
Seventeen dwellings are earmarked for the parcel, costing $7.7 million.
If approved, the group’s Residential Communities arm hopes to market the subdivision from July.
With the deal, the Bones have sold down the 106-hectare egg farm, a thriving enterprise in the 1960s, according to the marketing agents.
The bulk of the land was divested since 2009, replaced with industrial and residential product.
Site eyed for luxury homes
CFMG Residential Communities national sales manager, Elio Iacutone, said it had its eye on Mr Bone’s land “for some time”.
The availability of large homesites and the growing prevalence of luxury homes in the area, is changing the face of the suburb, he added.
“Rochedale was not on the radar for a lot of luxury buyers wanting that semi-rural feel until recently, but we have seen demand and prices taking off since 2020,” according to the executive.
“Rochedale is one of the last places you can buy large homesites with easy access to the M1 so we would expect these sites to sell relatively quickly.”
Ray White Commercial’s Sid Arora represented Mr Bone (story continues below).
The acquisition follows the CFMG selling out of the first stage of Mayfair Lane, with 15 lots, in a few weeks.
“We are grateful we were able to acquire it as part of a very competitive sale process,” Mr Iacutone said.
“The egg farm has been very well known in Rochedale for many decades and the community can be confident knowing the sale will help bring…new families to the area and provide much-needed housing”.
The deal comes four years since retirement living operator TriCare paid $10.08m for a 4.07ha block in the suburb, to develop.
CFMG grows development pipeline
Elsewhere in the Rochedale, a growth corridor 18 kilometres south of Brisbane’s CBD, CFMG is developing a $20m housing estate, Sovereign Estates, with eight large blocks between c$2-$3m.
It is also behind the Middleton Park village on Logan Reserve land, part acquired five years ago.
Including 236 Gardner Rd its development pipeline contains more than 2000 lots in 11 projects.
Ten sites are in Queensland, including at the Sunshine Coast, in Yandina, and the Gold Coast’s Ormeau Hills.
In Melbourne, it controls a Wollert block.
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