Developers trade Brisbane housing estate site
CFMG Capital has sold a chunk of Park Ridge’s Birchwood Estate.
The 15.75 hectare amalgamation, 95-103, 105-115 and 117-127 Koplock Road, collected $38 million from Urbex, a subsidiary of Mark Power’s BMD Group.
A 225-lot subdivision is pending approval – pricing each lot at $168,889.
The off-market deal was brokered by Brendan Hogan, Adam Rubie and Kristian Brymora who said 15 offers came in.
Park Ridge is in the Logan growth corridor, is about 30 kilometres south of Brisbane’s CBD.
Urbex to manage delivery
CMFG launched Birchwood in 2020 with a 4.9ha tract.
Three years ago it snapped up a 20.7.ha neighbouring block – part of which it just flipped.
“This marks Urbex’s second development within the catchment and is perfectly aligned to our South East Queensland acquisition strategy,” Urbex national manager, Acquisitions, Nick Gilbert, said.
The group will plan, design, construct and market the dwellings.
Mr Rubie said it will be hitting the market as subdivided local plots sell at benchmark rates.
“Despite broader market headwinds, strategic development opportunities in growth corridors like Logan offer excellent fundamentals, with Urbex perfectly placed to fast track delivery,” according to the executive.
“Brisbane is now recognised as having the best growth prospects of any capital city due to the massive public and private investment in infrastructure and major projects underway,” he added.
“The transaction comes as South East Queensland faces an urgent need for additional housing supply, with forecasts indicating 34,500 new dwellings are required annually to meet ongoing population growth”.
Subscribe to our newsletter at the bottom of this page.
