Image: Warwick Bible at Rochedale site
Expanding their portfolio of residential communities in south-east Queensland, Mirvac acquired a development site in Brisbane's middle suburban ring for approximately $30 million.
The publicly listed development company settled on the 8.4 hectare parcel in Rochedale, which CoreLogic named Brisbane's latest 'million dollar suburb' thanks to the area's seven-figure median house price.
The elevated site, with Brisbane city views, was secured in an off-market deal and is located on Gardner Road, Rochedale, just 14 kilometres south-east of the Brisbane central business district.
Mirvac said they were planning to deliver approximately 140 homesites, which are anticipated to be released to the market in late 2017.
"Rochedale is a particularly strong market and we look forward to delivering a high quality community, featuring city skyline views, to help fill the demand from those looking to build a new home in the area," Mirvac Queensland Residential General Manager Warwick Bible said.
"Demand for homesites in this region is extremely strong," he said.
The acquisition comes on the back of the stand-out success of Mirvac's most recent inner Brisbane residential communities - Aston Grove at Bridgeman Downs and Greystone Terraces at Everton Park - both of which sold-out more quickly than expected.
Mirvac is also developing the Gainsborough Greens masterplanned community at Pimpama on the Gold Coast - which posted $110 million of sales in 2016 alone - and is planning a major community at Greenbank in the Greater Flagstone Priority Development Area, in Brisbane's south-west.
According to realestate.com, Rochedale emerged as one of the top ten most searched areas for new land in Australia in 2016, as median prices continued to lift.
Data from CoreLogic showed the median house price in Rochedale increased 9.5 per cent in the 12 months to December 2016, to $1.051 million.
"Rochedale has been a top performer, with demand underpinned by its proximity to the city centre, meaning an easy commute for those working in the CBD, along with established and planned infrastructure," Mr Bible said.
"Mirvac's new site is located close to the proposed new Rochedale Town Centre, also on Gardner Road, which is anticipated to include a range of retail, dining and entertainment options.
"The ease of access to both the Pacific Highway and Gateway Motorway, along with the quiet, upmarket lifestyle on offer has also appealed, particularly to upgraders wanting to build a brand new home they can tailor to suit their family's lifestyle."