Frasers Property has bought a 48.7-hectare infill site at Keperra in Brisbane’s north-west Brisbane for $31 million.
The former quarry has development approval for a masterplanned community of up to 700 houses and 60 per cent open green space, including parks and conservation areas. The approval also includes a 7000sq m retail and childcare centre.
The 1004 Samford Road Keperra site, which is 9 kilometres north-west of the CBD, has a gross development value of $234 million.
Brookfield has controlled the Keperra site for more than a decade, completing $300 million worth of subdivisions.
Frasers Queensland residential general manager Scott Ullman said the site’s elevation would giver owners views to the Glasshouse Mountains north of Brisbane.
The acquisition is a significant boost to Frasers’ pipeline, which includes a 65-hectare site at Yatala, on the Gold Coast, which it bought from Seymour Group in November.
Frasers also paid $27.5 million for a 43-hectare land parcel in Melbourne’s west in September and partnered with logistics property firm ESR on a $400 million, 4.67-hectare business park in Mulgrave in June.
Ullman said the Keperra development would include a combination of detached, low density and medium-density terraced houses.
“Our focus now is to refine the masterplan design for the new community, working toward an expected launch in 2021,” he said.
The site, which was marketed by Brendan Hogan and Adam Rubie, of Colliers International, had 140 inquiries. Hogan said it was the largest infill site to be transacted in the Brisbane fringe precinct in the past five years.
“The scarcity of available zoned sites of this scale within a 10km radius of the CBD led to strong interest and seven offers from major national and international developers,” Hogan said.