The Queensland government has approved the development of 1700 new lots in a $6.7 billion satellite city development in Logan.
The approval, which includes seven different freehold land products under 300sq m, forms part of developer Peet’s Flagstone "satellite city" development.
With Queensland a top destination for interstate migration, it’s expected that up to 50,000 residents are expected to move to the region over the next 25 years.
Part of the priority development area, Flagstone was earmarked by the Queensland government to fast track the supply of affordable housing in what is considered as one of South East Queensland’s fastest growing corridors.
Flagstone, which spans a 100-hectare area, is a joint venture between Perth-based developer Peet Limited and industry superannuation giant MTAA Super.
The approval also takes in Flagstone’s third neighbourhood shopping centre site, a community centre on a 5000sq m site, and a Catholic Private School to be constructed, due to open in 2023.
The development approval also includes a main road extension that will create access into the development via New Beith Road.
Peet Limited chief executive Brendan Gore said the new lot types will be sprinkled through stages two to five, with the company “keen to test the new products in the market”.
“These products will appeal to a broad segment of the market, from singles and couples without children, to young families and empty-nesters,” he said.
“Ensuring that Flagstone can offer a home to suit all.”
Gore said most of the lots will be around 450sq m, with some up to 1000 square metres.
Most of the higher density product will be located in proximity to the main shopping centres and transport hubs.
“Flagstone will be diverse... [so] it needs housing and amenity that will appeal to many different people and lifestyles,” gore said of the project which sits around 50-kilometres south of Brisbane CBD.
“We’ve put careful thought into where these lots will be positioned and each one will be located close to a park.
“Although people want the convenience of a small backyard or no backyard, they don’t want to feel hemmed in so wide streets and lots of open space are important.”
Peet, which has projects across Western Australia, Queensland, Victoria, South Australia, and a few in the ACT, New South Wales and NT, says up to 30 per cent of its Flagstone land, in Stages 2-5 is set aside for public open space.
Greater Flagstone, declared a PDA in 2010, covers a total area of 7188 hectares.