This article is from the Australian Property Journal archive
CFMG Residential Communities has paid $7.7 million for the last remaining piece of one of Brisbane’s largest egg farms, which it will use to extend the life of its sold-out Mayfair Lane project at Rochedale.
CFMG Capital acquired Gardner Road site in the outer southern suburbs, from Robert Bone, 81, who has progressively sold down his 106-hectare farm over the last five decades. He has lived on the site being sold since 1994.
Since its heyday in the 1960s, the original egg farm has been claimed by housing and industrial facilities with the bulk of the farm sold in 2009.
The site will be used to add an additional 17 lots to the adjoining Mayfair Lane project. A Development Application is being prepared.
The first release of Mayfair Lane sold out in weeks.
“The first release of 15 lots was incredibly popular and we have had our eye on Mr. Bone’s land for some time,” CFMG Residential Communities national sales manager Elio Iacutone said.
“The egg farm has been very well known in Rochedale for many decades and the community can be confident knowing the sale will help bring 17 new families to the area and provide much-needed housing,” he said.
“We hope to have plans finalised and approved by June this year ahead of a formal release of new homesites in July.”
Final pricing and lot configurations will be announced shortly.
CFMG Residential Communities is also developing the $20 million Sovereign Estates project in Rochedale, which will include eight homesites priced at $1.95 million, and two larger lots priced at $2.05 million and $3 million.
“Rochedale was not on the radar for a lot of luxury buyers wanting that semi-rural feel until recently, but we have seen demand and prices taking off since 2020,” Iacutone said.
“Rochedale is one of the last places you can buy large homesites with easy access to the M1 so we would expect these sites to sell relatively quickly.”
CFMG Residential Communities’ portfolio of active projects not totals 11, stretching from Yandina on the Sunshine Coast to Ormeau Hills on the Gold Coast. The company’s development pipeline in Queensland and Melbourne now includes more than 2,000 lots.
