ASX-listed Sunland Group has acquired a 3.26-hectare site in Kenmore, south-west of the Brisbane CBD, for $13.1 million.
The site, which has been pieced together, has development approval for 96 four-bedroom terrace homes – with an estimated end value of $65 million.
The Brisbane-based developer has been active in the medium-density residential development market of late, winning approval for 91 townhouses in Everton Hills and finalising the $45 million Shea Residences in St Lucia – offering 28 luxury homes on a 7,000sq m site.
Sunland also picked up a 2.29-hectare site with a permit for 33 homes in Chapel Hill, seven kilometres west of Brisbane’s CBD, for $5.9 million.
Outside of Brisbane’s middle-ring the developer has also won approval for a 44-storey tower on the Gold Coast’s Hedges Avenue and has lodged an application for a $370 million revamp of the Greenmount Resort on the Gold Coast.
Last year the developer turned over its flagship 41-storey Abian Tower adjacent to the Botanic Gardens in Brisbane city.
Sunland’s managing director Sabha Abedian said that the Kenmore acquisition aligns with the group’s strategy to identify sites within high growth areas, with access to “considerable natural and built amenity”.
The site also includes more than 3,100sq m of preserved bushland along Moggill Road.
“This amenity will be further complemented by the site’s outstanding location directly opposite Kenmore’s Park n Ride bus stop and only minutes from three local schools, Kenmore Village and Kenmore Plaza shopping centres, and local parks,” Abedian said.
The off the market transaction was facilitated through Matthew Fritzsche of Ray White Special Projects QLD and Gregory Woods of Savills.
Construction is expected to commence during the first half of 2019.