Mirvac is set to continue expanding its Queensland portfolio, investing $18.6 million to acquire two new development sites in Brisbane’s north side middle ring.
The publicly-listed property group is in the process of obtaining development approval for the sites – at Arana Hills and Everton Park – which will together deliver about 220 new homes.
The Arana Hills site, which settled for $5.35 million in a deal negotiated by Colliers International’s Adam Rubie and Brendan Hogan, is situated on Plucks Road, 11 kilometres from the Brisbane CBD.
Mirvac is proposing to deliver 77 three and four bedroom townhomes, each with two carparks, along with three homesites at Arana Hills. The leafy development will boast elevated aspects to nearby green corridors, and a recreation area with a pool.
The company also acquired a six-hectare parcel at Ashmore Street in Everton Park, just seven kilometres from the Brisbane CBD, in March 2017 for $13.25 million, in a deal brokered by Ray White’s Matthew Fritzsche and Andrew Burke.
The planned development at Everton Park will feature 139 lots, including 54 homesites and 85 three and four bedroom townhomes, all with double lock-up garages.
The proposal also includes exclusive resident facilities with a pool and recreation centre, a native vegetated area bordering Kedron Brook cycle path and the retention and restoration of a heritage Queensland home, located at the community’s entrance.
Mirvac Queensland Residential General Manager, Warwick Bible, said the proposed projects at Arana Hills and Everton Park complemented Mirvac’s fast-growing portfolio of residential communities in Queensland.
“We are actively pursuing opportunities and progressing projects in key growth precincts across south-east Queensland and see Brisbane’s middle suburban ring as a prime location,” he said.
“Both the Arana Hills and Everton Park projects will deliver high quality and diverse housing choices in a prized position, within easy commuting distance of the city centre and with a range of services and conveniences at the doorstep.
“Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year (2016), with all 56 homes purchased within 18 months.
“Demand for homesites and townhomes in this precinct remains extremely strong and we believe these planned new developments will also be well received.”
Mirvac is anticipating launching both communities in 2018, pending approval from Council.
Mr Bible said the proposed projects continue Mirvac’s commitment to Brisbane’s middle suburban ring, with the developer moving forward with plans for a 133-homesite community on a site at Rochedale, which it acquired earlier in 2017.
The announcement of the new projects also comes on the back of the developer receiving QLD Government approval for a new community at Greenbank in the Greater Flagstone Priority Development Area. Located about 30 kilometres south-west of the Brisbane CBD, Mirvac will deliver approximately 3,300 residential homesites and community facilities including a state primary school, neighbourhood retail centre and community health centre on the Greenbank site.
“With approval for the overall masterplan and stage one subdivision at Greenbank now received, we are working towards a 2018 launch and have already been receiving enquiry from those interested in purchasing in the project,” said Mr Bible.
While Mirvac gears up to launch the new projects in 2018, it is also continuing to deliver its well-established Gainsborough Greens community at Pimpama, in the fast-growing corridor between Brisbane and the Gold Coast.
“Gainsborough Greens continues to be one of the fastest-selling projects in Queensland, with 307 lots totalling over $75 million settled since January 2017, and new stages being continually brought forward just to meet demand,” said Mr Bible.