ID_Land is speculated to be paying $70 million for the balance of the Waterlea estate in Walloon, west of Ipswich.
The project – the group’s first outside of Victoria – spreads 177 hectares.
The vendors, RPG Services and IDA Property, have sold off 400 lots since the community was launched in 2016.
Another 1400 homes are anticipated as is a secondary school and c30ha of open space.
A childcare centre and dining precinct has already been established.
Biggin & Scott Land’s Frank Nagle with Ray White’s Mark Creevey brokered the off-market sale.
Upon completion in 10 years, the housing estate is expected to be worth over $300 million.
“The acquisition underpins the national strategy of the ID_Corp group of companies, which is seeking to replicate the structure of ID_Land in Queensland; the project’s 10 year timeframe providing a long-term anchor for the group’s interstate growth” a company statement said.
“Waterlea is located at Walloon…in the south-east Queensland growth corridor, a locale which is set to benefit from strong investment in local infrastructure,” it added.
“Forty seven priority transport projects have been announced for the region, as well as the $124m redevelopment of Ipswich Hospital.
“The development is also within minutes of the RAAF Base in Amberley, which is undergoing redevelopment.
“The military base – the largest in Australia – brings over 5,200 local jobs and $565m in direct regional expenditure each year”.
ID_Land outside of Victoria
ID_Land has completed, or is in the process of developing over a dozen Victorian housing estates, of various densities (story continues below).
Three months ago, the group outlaid over $100m for a block Geelong’s Armstrong Creek, where it holds three other estates.
In April it acquired a South Morang block from Melbourne Water, where it is intending townhouses.
The group is also constructing 122 townhouses at a 1.7ha Fishermans Bend block, 201 Williamstown Road, which set it back $30m in 2016.
“The acquisition strategy ID_Land is pursuing in Queensland mirrors the one it followed in Melbourne, starting in 2009 with a 30ha parcel in Mernda,” the company’s joint managing director, Matthew Belford, said.
“When we were looking for Queensland sites we essentially had the same criteria as we did in Melbourne – well located parcels in growth regions where we could continue to deliver lots for the next five-10 years,” he added.
“Waterlea fit the bill, with multiple lifestyle amenities both within the project and nearby, so we moved quickly to secure the remainder of the development,’ according to the executive.
“The important acquisition set us up to anchor our team in Queensland, not just for ID_Land but longer term for home construction through Shape Homes, funding opportunities through Title Capital and the whole ID_Corp group”.
Co-managing director Jeffrey Garvey added “what we’re seeing in Queensland at the moment is the same high level of demand that has sustained our growth and expansion in Victoria for the last 10 years – we certainly believe the state is on the cusp of a strong decade, and this acquisition will allow us to cater to that”.
When Waterlea was launched three years ago, 400 square metre blocks started from $159,000.
There are also 800 sqm parcels.
The estate is expected to accommodate about 4500 people.
Ipswich’s current population of c232,000 is forecast to more than double by 2041.
“We are certainly on the lookout for further acquisition opportunities as we seek to further cement our foothold in the Queensland residential market,” Mr Garvey said.
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