Orchard spends $10m on housing estate site
Orchard Property Group has quietly purchased a low density housing estate block at Bellmere – about 55 kilometres north of Brisbane’s CBD.
The group outlaid $9.92 million for the 9.36 hectare parcel, 75 Bells Lane, following an off-market deal agreed last July which settled last month.
A 124-lot subdivision is planned.
It would be the Gold Coast based company’s third project in the Waraba Priority Development Area; it is also behind Aire and Aire Riverdale, at Lilywood.
“This acquisition highlights the continued demand from developers for well located, developable land within major growth corridors,” Ray White Special Projects’ Matthew Fritzsche, said.
“We are seeing sustained interest from buyer groups seeking to secure opportunities in the face of limited land supply and ongoing population growth across the Moreton Bay region,” he added.
Elsewhere in Bellmere, in Febuary, CFMG paid $50m for a 178ha parcel, 100 Stern Road, also with plans for housing.
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