THE Orchard Property Group has forked out $20m to acquire another two sites across Brisbane’s outer suburbs, as the company looks to expand its portfolio of land developments across South East Queensland.
The Gold Coast-based developer is ramping up its operation to meet the shift towards spacious suburban living amid a shrinking supply of land and rising property prices in the city markets.
The company paid $11.25m for a 23ha site at Calamvale, with immediate plans to develop the site into a 33-lot sub division from mid-2023, depending on obtaining council approvals.
Orchard Property is also simultaneously doubling down on its investment in Caboolture West after acquiring an other site within the Neighbourhood Development Precinct 1, which has been ear marked for a 133 lot subdivision if approved by council.
Orchard Property managing director Brent Hailey said the company was well positioned to bring more developments online across South East Queensland.
“Our land estates, such as our newly acquired Calamvale site, will offer new product to a market that’s suffering from undersupply and we will target aspirational buyers who are looking for quality, spacious living to grow with their families,” he said.
The two new site acquisitions come off the back of Orchard Property amassing more than $18m in sales across its land lot releases at Aurora Ripley, Pebble Creek South Maclean, Willow Logan Reserve and The Junction Narangba over the past four weeks.
The company has a development pipeline of more than 1600 lots.
Source: The Courier Mail