National property group CFMG Capital will launch a new residential community in the Brisbane to Gold Coast growth corridor after beating fierce competition for a land parcel in Ormeau Hills.
The 5.4-hectare piece of land will be home to ‘Elevate’, CFMG Capital’s latest lifestyle endeavor which will provide 100 residential allotments for home buyers and investors seeking entry into the highly-contested region.
The site was acquired for $7.6 million from an undisclosed vendor via a campaign run by Colliers International.
CFMG Capital General Manager Andrew Thomson said there was intense competition for quality sites in Brisbane’s southern growth corridor.
Strategically positioned approximately 25 kilometres north of the Gold Coast CBD and 45 kilometres south of the Brisbane CBD, he said the project site ticked all the boxes CFMG Capital used to assess project opportunities.
“As the future community ‘Elevate’, this new acquisition at Ormeau Hills will be developed among an abundance of already established lifestyle amenity, health and education facilities, outdoor living, public transport and major road networks.
“The project site currently has the benefits of an existing approval for a 96 lot residential community and is situated within a kilometre of the Ormeau Town Centre and the ‘future’ North Ormeau town centre, which includes Woolworths, Coles and IGA supermarkets, petrol stations, cafes and specialty shops,” he said.
CFMG Capital have already seen the proof of the corridor’s residential market strength through the recent completion of their existing Ormeau-based project called ‘The Brook’, which launched 251 residential lots and grew to a gross realisation of $52.2 million.
Market data from realesate.com.au revealed that demand for the area had led to a 24.4% increase in median house sales prices, equating to a compound annual growth rate of 4.5% compared to the same period five years ago.
“Land remains relatively tight in this corridor with several large scale subdivisions recently completed or nearing completion within this area,” Mr Thomson said.
Prospective investors will be offered the opportunity to invest into the project through the CFMG Land and Opportunity Fund, which offers the potential to invest at a fixed rate of return of 12 per cent per annum for a fixed investment term.
What RGCMM achieved for CFMG Capital