Trask snaps up another Narangba site
Trask Land has bought another low density housing estate site in Brisbane’s north Narangba.
The 15.6 hectare Callaghan Road parcel (pictured, top) set it back $19 million.
Part of the Narangba East Investigation Area, it is earmarked but not yet gazetted for development.
The deal comes three years since Trask paid CSL $23.5m for a 19.7ha Narangba site, part of a former quarry, again for housing.
In 2020 meanwhile it outlaid $8.7m for a 10ha parcel – again on Callaghan Rd – where it is now developing a c163 lot residential community.
Planning ahead
Narangba is 34 kilometres from town, part of the Moreton Bay region (continues below).
“This was a tightly held and controlled off-marketing targeting a shortlist of groups with the capability to execute on complex future development outcomes,” JLL’s Liam Petersen, who marketed the Callaghan Rd property with Jake Burrowes, said.
“The level of competition and the pricing achieved underline the strong demand for well located land within emerging structure plan areas,” according to the executive.
Mr Burrowes added “buyers are actively targeting land that offers scale, clear locational advantages and exposure to future planning uplift.
“This sale demonstrates the premium the market is placing on sites that can support future residential and employment outcomes as councils work to address long term supply constraints,” he said.
Also this week we reported Woolworths’ development arm, Fabcot, paid the Catholic Archdiocese of Brisbane $11m for a near-hectare site opposite that previously earmarked for a school.
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