Trask Land is paying $8.7 million for a 10.8 hectare residential development site in north Brisbane’s fast growing Moreton Bay region.
Trask, directed by David Trask, already owned a Boscoe Road site immediately south of its latest acquisition.
The Clontarf based builder has now amalgamated these holdings and applied for a 163-lot housing estate.
One block will be retained for a town centre.
The parcel neighbours a housing estate, Amity, proposed by Pointcorp Developments.
About 800 metres north of 197-207 Callaghan Road, Trask is undertaking a five-stage land subdivision.
The sites are within the Moreton Bay municipality, Queensland’s third largest government area, which between 2015-2026 is projected to record a population increase of some 103,500.
Naranba itself is set to accommodate more than 41,200 new residents between now and 2041, JLL said.
Costco, IKEA, Westfield North Lakes and North Lakes Town Centre are less than eight kilometres away.
Bunnings and Red Rooster are closer as is Narangba Valley State School and Narangba Christian College (another catholic school is earmarked for a site opposite 197-207 Callaghan Road).
University of Sunshine Coast’s newest campus is at Petrie, about nine kilometres south of Trask’s Narangba sites.
According to JLL, the median sale price for a c400 square metre Moreton Bay region block is about $258,000 – eight per cent more than the greater Brisbane average.