This article is from the Australian Property Journal archive
PEET has started construction on the first residential and commercial lots at the multi-billion dollar Flagstone development in south-east Queensland.
The Flagstone City project is a joint venture between Peet and superannuation giant MTAA Super. The development is the centrepiece of the Queensland government’s biggest Priority Development Area Greater Flagstone.
The project has an estimated end value of $6.7 billion and features 12,000 dwellings and a 126ha commercial centre. The region covers 7,188ha – a land area about 35% bigger than any other PDA.
Peet CEO Brendan Gore said Flagstone was one of the company’s most significant projects and a major investment in the future of Logan and south-east Queensland.
“After a very thorough period of planning and design, it is tremendous to see construction underway and to offer the first homesites for sale.
“The masterplan will roll out over decades. What we are doing right now is ensuring that it meets the needs of today’s market and anticipates what future homebuyers and business owners will expect,” he added.
The first residential land release will offer 35 homesites. The commercial zones will provide a massive 340,000 sqm of office, retail and light industrial space. It will be anchored by a supermarket and future medical precinct adjacent to a train station. Commercial sites from 2,000 sqm to over 2ha will be progressively released.
Peet’s masterplan comprises six self-contained residential villages clustered around a 126ha retail and commercial centre.
Flagstone City will provide around 20% of housing in the Greater Flagstone region and will be home to 30,000 people, as well as an employment hub for 10,000 jobs by 2043.
Over the next 30 years, the Greater Flagstone region is expected to support 120,000 people, 50,000 new homes and 30,000 jobs coming into the City of Logan. Its population will be greater than Yarrabilba and Caloundra South combined and comparable in size to Toowoomba or Cairns.
Australian Property Journal
