This article is from the Australian Property Journal archive
Private development company No Limit Group has paid $11.2 million for a 27 hectare site between Brisbane and the Gold Coast.
No Limit has finalised the amalgamation of seven blocks which is earmarked for a $100 million residential development.
The site is bounded by Teys and Tallagandra roads at Holmview, near Beenleigh in Brisbane and Gold Coast corridor.
No Limit is planning to develop more than 275 dwellings on the Beenleigh site over a three year period as well as a childcare centre.
The site has received Gold Coast City Council development approval and construction is expected to start in coming weeks.
No Limit‘s chief executive John Marshall said the Beenleigh purchase was in line with the company’s strategic focus on Southeast Queensland’s primary growth area.
“We’ve been resolute in our determination to acquire land between Brisbane and the Gold Coast and further west toward Ipswich.
“Both of these areas are the major growth areas in southeast Queensland and some of the major growth areas of Australia and we believe the demand for a range of housing product is going to increase over the coming years,” he added.
The first stage of 50 lots on the Beenleigh project will be released to the market in the coming months and No Limit expects to roll out the development in a series of stages based on demand.
In the last 12 months, the company has spent in excess of $20 million in Southeast Queensland and Victoria for residential developments.
No Limit recently purchased three sites in southeast Queensland for proposed development projects with an end value of $45 million, at Brassall and Flinder’s View near Ipswich and at Fitzgibbon north of Brisbane.
The three developments will incorporate a mix of residential lots, townhouses and supported community accommodation.
No Limit has also added three Victorian landholdings to its portfolio in the last six months, including sites at Frankston, Sydenham and Hampton Park.
The developments are in various stages of approval for a range of future residential including both house and land and unit accommodation.
No Limit’s current workbook is valued at approximately $400 million.
By Kathryn O’Meara
