ASX-listed Mirvac has continued to expand its Queensland pipeline, investing $18.6 million to acquire two new development sites in Brisbane’s northern middle ring.
The property group is in the process of obtaining development approval for the sites – at Arana Hills and Everton Park – which together will deliver about 220 new homes.
The Arana Hills site, which settled this week for $5.35 million in a deal negotiated by Colliers International’s Adam Rubie and Brendan Hogan, is on Plucks Rd, 11km from the Brisbane CBD.
Mirvac has proposed 77 three and four-bedroom townhomes on the site, each with two carparks, along with three home sites at Arana Hills. It will also boast elevated aspects to nearby green corridors, and a recreation area with a pool.
The company also acquired a 6ha parcel at Ashmore St, Everton Park, just 7km from the Brisbane CBD, in March for $13.25 million, in a deal brokered by Ray White Commercial’s Matthew Fritzsche and Andrew Burke.
The planned development at Everton Park will feature 139 lots, including 54 home sites and 85 three and four-bedroom townhomes, all with double lockup garages.
The proposal also includes exclusive resident facilities with a pool and recreation centre, a native vegetated area bordering Kedron Brook cycle path and the retention and restoration of a heritage Queensland home, located at the community’s entrance.
Mirvac Queensland residential general manager Warwick Bible said the projects complemented Mirvac’s fast-growing residential portfolio in Queensland.
“We’re actively pursuing opportunities and progressing projects in key growth precincts across southeast Queensland and see Brisbane’s middle suburban ring as a prime location,” he said.
“Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year, with all 56 homes purchased within 18 months.
“Demand for home sites and townhomes in this precinct remains extremely strong and we believe these planned new developments will also be well received.”
Mirvac is anticipating launching both communities in 2018, pending approval from the Brisbane City Council.