A new master-planned community comprising of up to 1400 homes is a step closer after one of southeast Queensland’s largest and most significant landholdings was snapped up for over $300 million.
Located at Pumicestone Road, Rutters Road and Clinker Road in Elimbah, the whopping 181ha site in the Moreton Bay region sold for $318,500,000 to HB Land, a Singaporean-based, locally-operated development group.
A 181ha site at Elimbah in the Moreton Bay region has been snapped up for $318.5m
The landmark holding is approved for a major master-planned community comprising of up to 1400 residential lots, with development approval already in place for the first 288 lots, alongside 25.58 hectares of Mixed Industry and Business Area (MIBA) land and 26.346 hectares of Industrial-zoned land.
The sale comes as the region, much like the rest of Australia, continues to grapple with a housing shortage, a problem labelled a “housing emergency” by advocacy group Everybody’s Home.
In Elimbah alone, the median house price has soared 9.1 per cent to hit $1.2 million in just the past year, while median rents are now $900 a week, up 5.3 per cent in 12 months, according to realestate.com.au.
For every house offered to market, there are, on average, 1350 interested buyers, while for every rental, there is 176 tenants hoping to secure a roof over their heads in the suburb.
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HB Land plans to develop up to 1400 homes on the site
So the prospect of new housing will be welcomed by buyers and renters alike, with the Moreton Bay site marketed by Tony Williams, Mark Creevey and Matthew Fritzsche from Ray White Special Projects Queensland, and Morgan Ruig and Mitch Taulelei of Cushman & Wakefield on behalf of Melbourne development group Goldfields.
“With approvals already secured for the initial stages and the ability to ultimately deliver up to 1400 homes, the project is exceptionally well positioned to address ongoing housing demand in one of South East Queensland’s strongest growth corridors,” Mr Williams said.
“Importantly, the seller’s commitment to deliver major external trunk infrastructure meant buyers could acquire a fully-serviced development opportunity significantly reducing delivery risk and accelerating the pathway to bringing new housing stock to market.”
Mr Williams said the residential scale, approvals and infrastructure delivery were key drivers of buyer interest.
The site is Federal EPBC confirmed as ‘Not a Controlled Action’ and is largely cleared, flat to gently undulating.
Pumicestone Road, Rutters Road and Clinker Road, Elimbah
Infrastructure agreements are executed with both Moreton Bay Regional Council and Unitywater, with the seller to deliver external water, sewer and the Pumicestone Road Phase 1 upgrade, positioning the land for future development.
Trunk servicing works are expected to be completed by early 2027.
The industrial and employment land component proved equally compelling, according to Morgan Ruig of Cushman & Wakefield.
“Industrial land of this scale, approval status and proximity to the Bruce Highway is exceptionally scarce in the Moreton Bay corridor,” he said.
“The combination of general industrial zoning, MIBA land and an approved service centre within one integrated estate created a compelling long-term employment and logistics proposition.
“With strong demand fundamentals and limited competing supply, the industrial component was a critical element of the project’s overall value and future success.”
The site was described as one of southeast Queensland’s largest and most significant landholdings
The campaign generated strong competitive interest, attracting 261 enquiries and 16 formal offers over a 5.5-week marketing period, with its mixed use nature attracting interest from both residential and industrial development groups.
“HB Land has a clear strategy to move quickly,” Mr Williams said.
“Works will commence as soon as practicable to deliver much-needed housing and employment land to the market.”
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