This article is from the Australian Property Journal archive
DIVERSIFIED Melbourne developer Oreana is stepping into the Queensland market with the purchase of a prime 21-hectare masterplanned community in Morayfield.
Oreana has acquired 11 properties on the corner of Petersen Road and J Dobson Road, located around 44.5km north of the Brisbane CBD, with approval in place for 252 lots and plans to bring the project to market early next year.
“In Australia’s growth areas we see a huge opportunity to bring integrated housing and community amenity together, servicing the needs of new communities,” said Tony Sass, managing director and co-founder at Oreana.
“Greenfield development is key to solving Australia’s housing affordability and supply issue and requires an approach that delivers housing alongside essential community and social infrastructure such as early education and retail, delivering critical social and economic benefits to these areas.”
Oreana currently boasts a pipeline worth $3 billion in Victoria and expects to double its growth in less than four years, expanding gross realisation value from $350 million in 2023 to $800 million by 2027.
“Over the past 12 months we have focused on placing ourselves in a position to take advantage of opportunities in the current market,” added Sass.
“We now have the ability and capability to expand nationally and see Queensland as critical to our success.”
With the project marking its first acquisition outside Victoria, Oreana’s Queensland operations will be led by project director Nimai Hawkins, who is based in Brisbane.
“This acquisition stands out as one of the few DA approved sites of scale that has come to market in the burgeoning Moreton Bay growth corridor,” said Hawkins.
“This project fits Oreana’s vision of delivering integrated communities with extensive on-site facilities, including retail and recreational amenity.”
Oreana has also appointed Kate Aston as director of marketing, communications & sales and Ken Munro as general manager.
While last month, the developer appointed Nicholas Corp to oversee the group’s commercial construction business, with a focus on large format retail.
“The decisions we are making all ladder up to a strategic purpose to turn our sights to new markets, which will enable exponential growth over the next five years. We have a lot of confidence in Australia’s growth areas and believe increased immigration and various government housing initiatives all bode well for ongoing expansion,” added Sass.
“We see ongoing opportunity in growth areas interstate, where Oreana can deliver land lots, residential built form, convenience retail and early education. It is critical in these new areas that this social amenity and mix of residential product is available to residents from day one.”
Oreana plans to deliver a new park, housing, infrastructure upgrades and neighbourhood hub, with early 2025 to see a retail sales launch and the commencement of civil works.
