Diversified property group CFMG Capital has purchased three parcels of land across Queensland and Victoria as it builds its development pipeline across the two states.
The acquisition, with plans to deliver up to 200 lots, are located in the Brisbane and Logan suburbs of Rochedale and Park Ridge, and Wollert in Melbourne's north.
CFMG Capital general manager Andrew Thomson said the three sites, secured for more than $15 million, offered proximity to infrastructure and services, and buyer demand for quality affordable projects in key growth corridors.
“It can be a challenge finding quality land close to metropolitan centres so these acquisitions are a huge boost for property buyers in both the south-east Queensland and Melbourne markets,” Thomson said.
The acquisitions add to a CFMG’s portfolio that includes Lomandra Park at Bridgeman Downs, Elevate at Ormeau Hills, Creeks Edge and Oakland Pocket at Morayfield, Middleton Park at Logan Reserve and Solander at Park Ridge.
The Park Ridge site, snapped up for more than $5 million, spans 4.94 hectares and has development approval that will see 89 lots.
The property investment company will develop 15 lots with an average size of 439sq metres in Rochedale, located 17-kilometres from Brisbane’s CBD, after acquiring 1.33 hectares of land for $3.375 million.
CFMG has also lodged a development application for 83 lots at Epping Rd in Wollert, a suburb popular with older couples and independents located 26 kilometres from Melbourne CBD, which will be known as Acacia Village, securing the 5.86-hectare site for $6.8 million.