This article is from the Australian Property Journal archive
AN expansive Narangba landholding—home to a former quarry—will be transformed into a new masterplanned residential estate, after selling for $23.5 million.
The 19.66-hectare site at 9-17 Wheaton Street, 200 Mackie Road and 34 Boscoe Road sits around 34km north of the Brisbane CBD and was recently sold and settled to local developer Trask Land.
Colliers’ Adam Rubie and Brendan Hogan, Queensland directors of development sites, managed the competitive sales campaign for the property, fielding more than 100 enquiries and multiple offers.
“The scarcity of development opportunities of this scale for residential subdivision created strong interest in this property,” said Rubie.
“The site was previously used as a quarry which has since ceased operation, providing a great opportunity for this developer to purchase a significant amount of land and to take advantage of the strong demand for new housing developments.”
Demand remains high for residential development opportunities across the state, with housing supply low and Queensland having experienced the highest levels of net interstate migration in recent years. With such strong rates of migration over 2021 and 2022, construction in the state is failing to keep up with housing demand.
“This growth is expected to surge over the coming years and these sorts of sites will enable more residential development to accommodate this growth,” added Rubie.
Narangba East has been identified by authorities as a Local Development Area Plan for future development, with Narangba’s status as an established residential neighbourhood with plenty of schools, retail offerings, cafes, restaurants and parks driving up demand.
“There has been a range of low to medium density housing product developed in the immediate area which has been well received by the marketplace,” said Hogan.
“The suburb is well located in relation to a number of key employment nodes such as the North Lakes Business District and Caboolture CBD.”
The asset is also well positioned to benefit from access to major highways, infrastructure and public transport amenity, with the Narangba Train Station sitting within 250 metres.
