Diversified property group CFMG Capital has completed the acquisition of two parcels comprising 6.72ha for development as a residential community at Morayfield, in the heart of Brisbane’s high growth northern corridor.
The sites are located at Graham Road, Morayfield, 40kms north of Brisbane and just three kilometres south of the Moreton Bay region’s largest city, Caboolture.
CFMG will develop the sites to yield over 130 lots ranging from 300 to 687sqm with traditional 10m, 12.5m and 15m frontages and lot depths up to 32m.
The acquisition will take CFMG’s development pipeline to more than 1,000 lots across six different projects in Queensland and Victoria.
CFMG Managing Director Scott Watson said pre-release marketing had generated strong sales enquiry from both owner occupiers and local volume builders looking to secure land for their clients, with in excess of 40 pre-sales already in place.
With the current contract exchanges already in place totaling a sales value of $7.2 million, Mr Watson expects that number to increase as a growing number of people are on the search for homes with a quality of lifestyle.
“The momentum of the project is expected to continue with official data indicating the demand for quality affordable projects in strong growth corridors forecast to continue,” he said.
Since 2009 Morayfield has experienced an average of 2.5% population growth, eclipsing the state average of 1.8%
The project also benefits from a myriad of local amenities that add value to the location and convenience to future residents, including parkland facilities such as playgrounds and barbeque areas, schools, childcare, shopping centres, specialty retailers and public transport networks.
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.