This article is from the Australian Property Journal archive
GOLD Coast-based Orchard Property Group has spent $20 million acquiring another two sites across Brisbane’s outer suburbs to meet a shift towards spacious suburban living amid a shrinking supply of land and rising property prices in the city markets.
Among the purchases is a 2.3-hectare Calamvale site for $11.25 million, with Orchard planning to immediately develop the site into a 33-lot subdivision after receiving approval – it will lodge plans by the end of September – and construction and release to market by mid-2023.
“Calamvale holds great potential as it is a corridor with extremely limited supply but high demand due to its proximity to the Brisbane CBD,” said Orchard managing director, Brent Hailey.
“A common solution put forward to rectify the supply shortage of available property on the market is to deliver large volume apartment developments, however, Orchard Property Group recognises these developments aren’t always suited to family living.
“Our land estates, such as our newly acquired Calamvale site, will offer new product to a market suffering from undersupply and target aspirational buyers who are looking for quality, spacious living to grow with their families.”
Orchard was attracted to the site’s amenity including schools, public transport, and shopping and dining precincts such as Calamvale Central and Sunnybank Hills Shopping Town.
He said the company has witnessed limited slowing in buyer activity across its currently selling land estates.
In the Moreton Bay Region, Orchard is doubling down on its investment in Caboolture West after acquiring another site located in the Neighbourhood Development Precinct 1 (NDP1), part of a state government planning strategy to ensure land availability can keep pace with population growth and housing demand in south-east Queensland.
The project, already earmarked for a 133-lot subdivision if approved by council, comes off the back of Orchard’s first holding in NDP1 which will comprise 266 lots and was acquired in 2018.
“Property values have increased in almost every part of south east Queensland, especially Caboolture and surrounds, and we have seen this specifically with the strong sales achieved to date with our neighbouring Narangba development, The Junction,” Hailey said.
Planning applications for the second holding in NDP1 are also scheduled to be lodged by the end of September, and if approved will see the start of construction and the release to market in late 2023.
The acquisitions come off the back of Orchard amassing more than $18 million in sales across its land lot releases in just four weeks, at Aurora Ripley, Pebble Creek South Maclean, Willow Logan Reserve and The Junction Narangba.
Orchard has over 1,600 lots to develop in its development pipeline.
