Frasers Property Australia buys Keperra quarry for $31 million

Frasers Property Australia (FPA) is paying Brookfield Residential Properties $31 million for a 48.7 hectare outgoing quarry at one of Brisbane’s most elevated points.

The Keperra block, nine kilometres north west of the city, was in 2017 provisionally approved for a $313 million residential estate containing 700 dwellings – a mix of detached houses and terraces rising up to three storeys and five level apartment blocks.

The permit requires that 60 per cent of the parcel is allocated for open/green space.

Brookfield intended to create this as parks and conservation areas incorporating the quarry’s existing escarpment, with hiking trails, bike tracks, rock climbing areas, a water park, state-of-the-art playground and a sports and recreation precinct.

One of the larger parks would have been configured with an amphitheatre.

FPA general manager – Queensland Residential, Scott Ullman, said the company also intends to build a 7000 square metre neighbourhood shopping centre and childcare centre on the block.

The developer will fund the construction of the roads as it develops the Keperra estate over what is expected to be 10 years from 2021.

The site is just under a kilometre from the Keperra train station, and near the Bruce Highway and Gympie Arterial Road.

At one of Brisbane’s highest points, 60 per cent of the outgoing quarry will need to be retained for recreational use, once developed. The vendor proposed configuring an escarpment with hiking trails, bike tracks, rock climbing areas and a park with an amphitheatre.

The land

The infill site at 1004 Samford Road and 469 Settlement Road is opposite the Keperra Sanctuary Aged Care complex and behind the Great Western Super Centre and a Bunnings – the latter which lodged an anti-development application last year.

Mr Ullman said the quarry is at one of Brisbane’s most elevated areas, ranging from 80-190 metres above sea level.

“The design for the master-planned community is still being refined however most of the residential dwellings will be built between 100 and 145 metres above sea level, creating some spectacular views to the Glasshouse Mountains,” the executive said.

“The elevation is a real point of difference for this site, enabling us to apply our design and development expertise to maximise the natural advantages of being so high up”.

Quarry activities currently undertaken on the block will now start being phased out.

Colliers International’s Brendan Hogan and Adam Rubie represented Brookfield which has owned the site for more than 10 years.

In recent years, the nearby Everton Park North West Hospital has undergone a 6000 expansion and more than $770 million has been spent on works at the Engorra Barracks.

The local Westfield Chermside Shopping Centre also underwent a $355 million refurbishment.

A Brookfield Residential Properties artist impression showing how some of the townhouses would be placed.

FPA has been behind several industrial land sales recently

In October, FPA paid Kevin Seymour’s Seymour Group $20 million for a 65-hectare industrial site in Yatala, the outskirts connecting Gold Coast to Brisbane.

Over the past 14 months, it has been behind three landmark Melbourne industrial land deals: a 41.3 hectare parcel in Dandenong South (which cost $80 million), a 43-hectare block in Tarneit ($27.5 million) and a 63.4 hectare site in Epping ($40 million).

This calendar year, FPA has secured both PUMA and Gale Pacific Group to occupy a distribution centre at Braeside – on part of a 23 hectare industrial development property it paid billionaire businessman Lloyd Williams $20 million for in early 2018.

FPA has found tenants for plenty of other industrial investments – and has sold a couple. More details about these transactions can be found here.

An unmarked image of the Keperra quarry. Bunnings, mid-right in this image, abutting the site, opposed the redevelopment.
A site plan marketed with the Keperra land showing what development is earmarked. A 7000 square metre neighbourhood shopping centre is proposed next to the Great Western Super Centre on Samford Road.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of