Melbourne developer buys maiden regional Queensland site
Stockland has sold the balance of the incomplete North Shore housing estate at Burdell, in Townsville’s north west.
The 900 hectare parcel – of which 160ha is developable and masterplanned – is collecting more than $70 million following a campaign launched last August.
Oreana Property Group is the buyer; it is the second Queensland acquisition for the Melbourne based company after a Morayfield (Brisbane) housing estate site last July.
LAWD’s Peter Sagar and Paul Callanan with Biggin & Scott Land’s Callum Williamson and Andrew Egan were the agents.
The deal comes 14 months since Stockland sold a half interest of the Townsville Shopping Centre for $123.5m – a major drop on the $150m book value.
Also including management rights, it traded for $123.5m to Haben, which bought the balance from the Dexus managed AMP Shopping Centre Fund earlier in 2023, for c$125m.
Burdell is about 13 kilometres from Townsville’s CBD.
Oreana backs regional Queensland
North Shore is masterplanned for 5600 dwellings around commercial and community amenity.
Stockland has already subdivided 2600 lots and delivered three schools, a Bunnings, Woolworths, medical centre, service station, gym, pool, pub, church and two childcare centres (story continues below).
Oreana will sell down the balance of the estate.
It is also expected to construct retail including bulky goods.
The deal significantly boosts the group’s Queensland development pipeline; the Morayfield parcel, spanning 21ha, costing $32m, is earmarked for c252 dwellings.
Stockland reweighs
The Burdell disposal forms part of Stockland’s capital recycling strategy to focus on core growth areas; last year it announced it would shed some c$690m of town centre type assets like this.
The group has also been boosting its land lease community portfolio via the Halcyon brand.
Last November, it paid Lendlease $1.06b for 12 masterplanned community blocks.
Stockland also recently acquired an inner-city Melbourne office for high density apartments.
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