Source: Courier Mail – 7 December 2018
Flagstone growth corridor ripe for development. A GOLD Coast-based residential developer is aiming for a fruitful harvest after acquiring development-ready site in a fast-growing development corridor south of Brisbane.
Privately-owned developer Orchard Property Group has settled on the $17.25 million acquisition of a 54ha at South Maclean, in the heart of the Greater Flagstone Priority Development Area.
The company is currently finalising plans for a 650-lot, $120 million residential community which is expected to be launched early next year. Pebble Creek will be developed over the next five years.
Orchard managing director Brent Hailey said the site was the perfect opportunity for a mid-size project in one of Queensland’s fastest growing development corridors.
“The Greater Flagstone PDA has begun to build momentum over recent years and we think it will be one of Queensland’s fastest growing areas over coming years as the nearby employment hubs really kick into gear,” he said.
“With Queensland experiencing strong interstate migration and a rapidly growing population and with Pebble Creek set to provide some of the most affordable land in the country close to a capital city and secondary employment hubs, we are confident the project will be a huge success.”
Pebble Creek will be Orchard’s largest project to date and comes after the successful completion earlier this year of PineVue @ Maudsland (110 lots) and The Rise @ Thornlands (156 lots).
Other completed Orchard projects include the $105 million Silkwood at Mount Cotton, Park Central @ Oxenford, The Outlook @ Oxenford. The launch of Pebble Creek will take Orchard’s portfolio of active projects to four, encompassing more than 930 lots.
Recent acquisitions at Narangba and Caboolture will add a further 300 lots to their pipeline.
Mr Hailey said the company was actively seeking residential land sites.
“The southeast Queensland land market had avoided many of the excesses experienced by southern markets with steady growth in supply and price growth at long term averages,” Mr Hailey said.
“With Sydney and Melbourne markets looking a little overheated, developers are turning their attention back to Queensland, with some upward pressure emerging on prices for quality sites.”