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Frasers Property buys $31M site for development

Frasers Property Australia has acquired a 48.7-hectare site for $31 million dollars, provisionally approved for up to 700 homes, parks, conservation areas, retail space and roads.

Frasers Property Australia has acquired a 48.7-hectare site for $31 million dollars, provisionally approved for up to 700 homes, parks, conservation areas, retail space and roads.

The site, located nine kilometres northwest of Brisbane’s CBD, is one of the largest to be marketed in the city in recent times.

A residential community has been provisionally approved after a community engagement program, with around 60 per cent of the land to be open green space.

Frasers Property Australia General Manager – Residential Queensland Scott Ullman said the site, which is currently a quarry, is one of the most elevated areas of land in Brisbane, ranging from 80 to 190 metres above sea level.

“The design for the masterplanned community is still being refined however most of the residential dwellings will be built between 100 and 145 metres above sea level, creating some spectacular views to the Glasshouse Mountains,” Ullman said.

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“The elevation is a real point of difference for this site, enabling us to apply our design and development expertise to maximise the natural advantages of being so high up.”

The existing approval is for up to 700 residential dwellings, along with parks and conservation areas. Development applications have been lodged for a 7000 square metres neighbourhood retail and childcare centre.

Ullman says the new community will offer people choice with a combination of detached, low density and medium density terrace homes.

“In a substantial commitment to revegetating the Keperra hillside, more than half of the site will be open space, comprising conservation land and stabilisation and rehabilitation of the quarried hillside. The remainder will be developed as residential, retail, roads and infrastructure,” Ullman says.

“Our focus now is to refine the masterplan design for the new community, working toward an expected launch in 2021.”

Colliers International Director of Development Sites Brendan Hogan said the site expressions of interest campaign generated more than 140 enquiries.

“This is the largest infill site within the Brisbane fringe precinct that has been transacted in the last five years,” Hogan said.

“The scarcity of available zoned sites of this scale within 10 kilometres radius of the CBD led to strong interest and seven offers from major national and international developers. In the end, a great result was achieved for all parties involved as well as the Keperra community.”

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