CFMG snaps up Gold Coast housing estate site
CFMG Capital – formerly known as Custodian Funds Management Group – has swooped on another housing estate site, this time on the Gold Coast.
The 3.3 hectare Emerging Community zoned parcel – a farm – at 17 Courtney Drive, Upper Coomera, set it back $17 million.
A 63-lot subdivision is planned.
Civil works are expected to start later this year.
Matrix Global Group’s Vivienne Dong and Leon Kong were the agents.
Upper Coomera is about 20 kilometres north west of Surfers Paradise.
Also today we are reporting Sherpa settled the priciest of two apartment development sites bought last year, in Palm Beach.
Worth $19m, that block is set for two 16 level towers.
The other holding set the group back $11.5m (continues below).
CFMG boosts pipeline
CFMG was established and is led by Scott Watson.
It is chaired by former Cromwell Corporation founding partner, Ross Stiles.
Acquisition manager Duncan Macpherson said the Upper Coomera site expands the company’s Gold Coast footprint “supporting housing supply in one of south east Queensland’s fastest growing corridors”.
The deal comes five weeks since we reported the developer acquired a mixed-use site at Rochedale, south of Brisbane, with plans for a 51-lot subdivision.
Also last month the group settled on a 178.1ha site at Bellmere (48ha which is developable), on the other side of town.
“This [Upper Coomera] acquisition takes CFMG Capital’s investment in new development sites this year to more than $66m,” Mr Macpherson said.
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