Peet snares balance of $3.4b Brisbane project

Flagstone City will contain 12,000 dwellings, retail and offices.

Peet Limited has snared full control of Brisbane’s $3.4 billion Flagstone City.

The developer already controlled a half interest in the 126 hectare project, which will contain about 12,000 dwellings (1500 which have already been developed), 44,000 square metres of retail area and 58,000 sqm of offices.

The balance is being picked up from Spirit Super, created last year when MTAA Super merged with Tasplan.

The outlay – $46.15 million – will be paid in four instalments over the next three years with the first payment due upon settlement on January 19.

Peet will assume about $21m debt to fund it.

Flagstone is about 50 kilometres south of Brisbane and 70km north west of Surfers Paradise (story continues below).

The acquisition comes six weeks since Peet agreed to pay $67m over seven years for a 15ha piece of the University of Canberra’s Belconnen campus with plans to construct 1600 dwellings.

In October, Spirit Super purchased Hobart’s mixed-use Parliament Square project from Alan and Carol Schwartz’ Trawalla Group, Citta Property Group and Qualtas.

At $330m, that deal is Tasmania’s priciest.

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Marc Pallisco

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