This article is from the Australian Property Journal archive
VILLA World has acquired a 54ha development site in Brisbane’s north for $24 million.
The site at Strathpine is located in close proximity to major employment, commercial and retail precincts.
It has current residential zoning and could yield up to 380 house and land lots priced from around $460,000.
CEO Craig Treasure said this is a significant acquisition for Villa World in the south east Queensland market.
“It’s a large site which will add around four years to Villa World’s residential development stock on the north side. It will be a timely replacement for our successful Park Vista project at Mango Hill, which is nearing completion sooner than expected due to strong demand.
“Restocking our development pipeline has been a continuing priority. We’re very pleased to be adding this project which will deliver more than 380 lots at an affordable price point,” he added.
This acquisition will form part of the company’s acquisition spend for FY17 and will be paid from existing debt facilities and working capital. The development is expected to commence contributing to revenue during FY18.
Australian Property Journal
