Privately-owned developer Orchard Property Group has completed the acquisition of a prime 54-hectare development-ready site at South Maclean, in the heart of the Greater Flagstone Priority Development Area (PDA).
The company is currently finalising plans for a 650-lot, $120 million residential community which is expected to be launched in early 2019. The new community, called Pebble Creek, will be developed over the next five years.
The property was acquired from a private landholder for $17.25 million with a Development Approval (DA) in place.
Orchard Property Group Managing Director Brent Hailey said the site provided 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.
The Greater Flagstone PDA was declared in 2010 and covers a total area of 7,188 hectares. It is located west of Jimboomba and the Mount Lindesay Highway, along the Brisbane-Sydney rail line. It is immediately north of the Bromelton State Development Area.
When fully developed it is anticipated that the Greater Flagstone PDA will provide approximately 50,000 dwellings to house a population of up to 120,000 people.
Existing employment hubs at Park Ridge and Logan Central and proposed economic development at North Maclean, Bromelton and within the adjoining Flagstone Town Centre will provide a range of job opportunities.
Mr Hailey said the company was actively seeking residential land sites.
“The SEQ 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.”
“Interstate migration is coming back,” Mr Hailey said. “While that is occurring there will be a need to provide a steady level of housing. We don’t see a great boom, or much risk of a large bust, just steady as she goes.”
“Queensland’s economic activity is very dependent on the job market so if that was to continue to improve it would give some longevity to the current level of activity in the land market.”