Frasers picks up Brisbane housing estate site
Frasers Property Australia has secured another housing estate site, this time at New Beith, about 47 kilometres south of Brisbane.
The 251 hectare Mountain Ridge Road parcel is costing c$80 million from Peet Limited, which held it over 10 years.
Zoned Urban Living, it can make way for about 2257 dwellings including in medium density projects.
Within the Greater Flagstone Priority Development Area, a portion can also accommodate retail.
The land abuts the $3.4 billion Flagstone City estate, which Peet acquired full control of for $46.15m from Spirit Super earlier this week.
Price 83pc over book value
The Mountain Ridge Rd site sale price was 83 per cent over book value.
“The property was not on the company’s short to medium term development program,” Peet managing director and chief executive officer Brendan Gore said (story continues below).
“We seek to manage our land bank in a manner that optimises the return on the capital employed and this sale follows our recent announcement of the acquisition of the balance of the Flagstone City project,” he added.
Biggin & Scott Land’s Andrew Egan with Ray White’s Tony Williams, Mark Creevy and Andrew Burke were the agents.
The deal comes two years since Frasers paid $31m for a 48.7ha ex-quarry at Keperra, nine kms north west of the Queensland capital, with plans for a housing estate containing over 700 dwellings.
Three months ago the group teamed with Irongate Group to secure the 24.7ha ex-Bradmill factory, in Melbourne’s west Yarraville, which has the potential to make way for over 1000 low-density homes.
That parcel cost c$225m.
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