Diversified property group CFMG Capital has completed the acquisition of three parcels of land across Queensland and Victoria that will collectively yield almost 200 lots.
The sites are located at Rochedale and Park Ridge, both of which lie in the Brisbane to Gold Coast growth corridor, and in the Melbourne suburb of Wollert, 26km north of the CBD.
The 4.94-hectare Park Ridge site, which is bordered by Koplick and East Beaumont roads west of the Logan CBD and has already received Development Approval (DA), will feature 89 lots with an average size of 373sqm.
CFMG Capital will develop a further 15 lots with an average size of 439sqm at Gardener Rd, Rochedale, after acquiring 1.33ha of land 17km south-east of the Brisbane CBD in a deal worth $3.375 million.
The company has also lodged a Development Application for 83 lots at Epping Rd, Wollert, a lifestyle suburb popular with older couples and independents.
To be known as Acacia Village, the project will feature average lot sizes of 326sqm and follows CFMG Capitals’s purchase of the 5.86-hecatre site for $6.8 million.
The trio of acquisitions will take CFMG Capitals’s development pipeline to more than 1,000 lots across 10 different projects in Queensland and Victoria.
CFMG Capital General Manager Andrew Thomson said the three sites ticked all the boxes when it came to meeting the demands of both investors and owner-occupiers.
“It can be a challenge finding quality land close to metropolitan centres so these acquisitions are a huge boost for property buyers in both the South-East Queensland and Melbourne markets,” he said.
“As well as being able to create a home to suit their own preferences, all the sites are close to the infrastructure and services that make Brisbane, Logan and Melbourne so attractive.
“The team at CFMG Capital takes great care to identify prime land for our projects and there is no doubt these three investments fit the bill, particularly given the demand for quality affordable projects in strong growth corridors continues to rise.”
Lot prices at the Wollert site will start from $199,000, while the Park Ridge lots will range from $209,000 to $239,000.
Prices at the Rochedale site, with its exclusive release of only 15 lots, will start from $420,000.
The new acquisitions add to a CFMG Capital portfolio that includes Lomandra Park at Bridgeman Downs, Elevate at Ormeau Hills, Creeks Edge and Oakland Pocket at Morayfield, Middleton Park at Logan Reserve and Solander at Park Ridge.
CFMG Capital operates two core divisions; a residential communities development business with a pipeline of more than 1,000 lots and residential funds management business which has raised more than $90 million in third party equity.